T. 


HE 

1856 


UC-NRLF 


B    3    Em    SDQ 


REPORT 


mijs^oihty  of  the  directors 


asiaw  au^  Piaiiu  lUiilrfliiir, 


STOCKHOLDERS. 


ANNUAL   MEETING  AT  EXETER,   N.   H., 


SEPTEMBER  10,  1856. 


BOSTON: 
1856. 

J.    U.    EASTBURN'S    PRESS. 


REPORT 


MINORITY  OF  THE  DIRECTORS 


utm  M)i  JPlaint  llailoab, 


Cr 


STOCKHOLDERS. 


ANNUAL   MEETING  AT  EXETER,   N.  H., 


SEPTEMBER  lO,  1856. 


BOSTON: 
1856. 

J.    H.    EASTBURN'S    PRESS. 


MOOlllTY    EEPOIIT. 


To  the  Stockholders  of  the  Boston  and  Maine  Railroad. 

The  undersigned,  a  minority  of  the  Board  of  Directors  of 
the  Boston  and  Maine  Raih'oad,  beheving  it  to  be  the  duty  of 
Directors  to  present  to  you  a  full  and  accurate  exposition  of  the 
aifaii's  of  the  Company,  in  order  that  you  may  be  truly  informed 
of  its  condition,  and  how  your  Trustees  have  managed  its  busi- 
ness, and  thereby  be  better  enabled  to  decide  what  measures 
should  be  taken  to  preserve  your  property,  have  not  approved 
the  Report  made  to  you  by  order  of  a  majority  of  the  Directors, 
but  desired  you  should  be  notified  of  oui-  dissent  to  the  same. 

At  the  request  of  numerous  Stockholders,  we  present  to  you 
in  tliis  form,  owe  objections  to  the  Majority's  Report.  We  shall 
point  out  some  of  its  inaccui'acies,  and  supply  some  of  its  defi- 
ciencies, and  give,  as  fully  as  our  Hmits  will  permit,  and  prudence 
may  dictate,  oru  views  of  the  position  of  the  Company,  with 
suggestions  as  to  what  should  be  done  to  advance  its  interests. 

At  the  last  meeting  of  the  Stockholders  of  this  Company,  the 
following  Resolutions  were  passed  : 

"  Resolved,  That  hereafter,  in  the  Annual  Report,  the  Assets 
of  the  Road  should  be  placed  in  two  tables  ;  one  inclutUng  those 
assets  wliich  are  available  for  the  payment  of  debts  of  the  Cor- 
poration ;  all  other  assets  to  be  includfed  in  a  separate  table. 

"  Resolved,  That  hereafter,  the  Schedule  of  Eai-nings  and  Ex- 
penses for  the  yeai'  ending  May  olst,  contained  in  theu-  Annual 
Report  to  the  Stockholders,  the  Dhectors  make  a  detdled  state- 
ment, sho-sving  the  various  items  of  income — running  expenses 
and  all  other  expenses — number  of  miles  respectively  run  by  the 
passenger,  freight,  wood,  and  gravel  trains — number  of  express 
trains,  and  where  run — -number  of  passengers  carried  in  the  cars, 
and  number  carried  one   mile— 'number  c»f  tons  of  merchandise 


ivi2088()G 


4 

carried  in  the  cars,  and  number  carried  one  mile,  distinguishing 
between  that  paying  freight,  and  that  carried  for  the  use  of  the 
Road — and  a  full  exhibit  of  the  motive  power  and  cars." 

By  the   above,  as  well  as   other  Resolutions,  the  Stockholders 
have  expressed  their  desire   for  full  and  accurate  reports.     We 
shall,  as  briefly  as  the  importance  of  the  subjects  will  allow,  give 
our  objections  to  some  of  the  statements  in  the  Dhectors'  Report. 
It  is  stated  at  the  commencement  of  that  report,  as  follows  : 
"  The  accounts  of  the  Treasm-er,  appended  to  this  report,  show 
the  gross  earnings,  for  the  last  year,  to  be  -          -  ^891,041.95 
and  the  expenses,  including  some  new  construc- 
tions, for  the  same  time,  to  be  -         -         -         -     540,290.51 


Making  the  net  earnings      -         -         -         -  |350,751.44" 


It  would  appear,  by  this  statement,  that  our  net  earnings  were 
the  balance  as  above  stated,  and  that  these  earnings  were  not 
nominal,  but  real,  as  it  is  stated  that,  after  deducting  the  divi- 
dends, expenses  of^all  kinds,  and  depreciation  of  engines  and 
cars,  there  is  a  balance  of  earnings  of  $85,283.10,  and  this 
amount  is  added  to  a  previous  amount  of  unexpended  eai'nings. 
It  is  not  noted,  that  these  earnings  include  several  thousands 
of  dollars  of  accrued  interest  on  overdue  and  failed  notes,  and 
amoTints  due  and  uncollected,  and  uncollectable,  from  connect- 
ing roads. 

"We  disapprove,  also,  of  charging  many  items  to  the  "  Surplus" 
account,   which  the   Stockholders   expressly  desired,   in   1849, 
should  be  charged  to  running  expenses. 
These  items  are  as  folloM^s  : 

For  widening  Charles  River  Bridge,  &c.,    -       |23,209.59 
"    new  rails  and  rolling,  -          -         -         28,803.72 

"    new  station  buikUngs,  .         -         ^  11,870.23 

*'    grading  new  side  track,  in  Great  Falls,  6,715.56 


$70,599.10 


Fmthcrmore,  a  larger  sum  than   $6,715.56  should  have  been 
included  in  the  expenses  for   grading  new  side  track  in  Great 


Falls  ;  an  additional  amount  of  $5,995.38  having  been  expended 
for  tliat  purpose,  which  is  counted  among  the  available  assets  as 
a  claim  against  the  Great  Falls  and  Conway  Eaihoad,  but  which 
is  disputed,  and  not  all  collectable. 

SuKPLus  OR  Unexpended  Earnings. 

It  is  stated  on  page  4  of  the  Report  that  there  is  a  balance  of 
unexpended  eai-nings  of  $251,186.06,  "which  is  the  accumu- 
lation of  earnings  over  di\idends,  expenses,  repairs,  and  amount 
charged  off  for  depreciation,  and  improvements  of  all  kinds, 
from  the  time  the  road  was  finished  according  to  the  plan,  and 
with  the  capital,  fixed  by  the  votes  of  the  Stockholders  in  1849, 
up  to  May  31st,  1856." 

On  the  same  page,  also,  a  "surplus  of  $323,186.16"  is 
mentioned.  ^ 

By  the  terms  "  surplus,"  or  "  unexpended  earnings,"  the 
Stockholder  is  led  to  beheve  that  the  Company  has  an  amount 
of  money  or  investments  beyond  what  is  wanted  for  its  orcUnary 
use,  wliich  may  either  be  employed  to  provide  for  liabilities  or 
contingencies,  or  which  might  be  distributed  amongst  the  Stock- 
holders. This  is,  then,  the  unsusjjecting  Stockholder  Avould  sup- 
pose, a  reserve  of  money  unexpended,  or  a  safe  investment  of 
money,  which  can  be  apjiropriated  or  divided  without  affecting 
the  working  of  the  Road  or  its  efficiency. 

But  this  is  not  the  case  with  the  Boston  and  Maine  Raiboad. 
We  have  no  unexpended  eai-nings  and  no  surplus  account  of 
this  character,  nor  what  a  practical  business  man  would  consider 
a  sui-plus. 

The  Stockholders  of  this  Company,  in  1849,  were  eai-nestly 
desii'ous  that  it  should  be  placed  on  a  solid  basis ;  that  its 
Capital  Stock  should  represent  real  value,  and  shoiJd  not  be 
liable  to  be  increased  by  items  of  Construction  Account.  There- 
fore the  Stockholders  made  up  their  account  with  the  Road, 
and,  provichng  for  land  damages  and  other  expenchtures  ch;u-ge- 
able  to  Capital  Stock,  decku-ed  that  all  other  items  should  be 
borne  by  the  earnings  of  the  Road,  and  should  be  accounted 
among  its  expenses.     The  Capital  Stock  had  been  chaiged  with 


large  items  for  the  cost  of  many  miles  of  road  wliicli  had  been 
discontinued,  and,  of  coiu'se,  were  of  httle  or  no  worth.  De- 
preciation of  the  Road  was  continually  happening,  and  to  an 
amount  larger  than  the  amounts  paid  for  repairs.  Therefore 
the  Stockholders  voted  that  the  Road  should  be  finished,  and  all 
future  improvements  and  additions  for  engines,  cars,  new  depots, 
or  alterations,  should  be  considered  as  a  portion  of  the  expenses 
of  the  Road,  to  be  deducted  before  di-sddends  could  be  declared ; 
and  Construction  Accoruit  was  ordered  to  be  closed  after  certain 
appropriations  had  been  exjjended  for  purposes  which  were 
designated.  After  this,  the  Stockholders  voted  that  "  the 
Directors  be  authorized  to  apply  the  balance  of  Construction 
Fund  to  such  improvements  as  the  necessities  of  the  Company 
may  require."  Thereupon  the  Directors  charged  off  certain 
items  of  expenditm-e  for  improvements  to  Construction  Account. 
The  amounts  which  have  been  charged  to  Construction  Ac- 
count each  year,  since  1849,  will  appear-  by  the  Schedide  in 
the  Appendix,  marked  No.  1. 

In  1854,  the  amount  appropriated  by  the  Investigating  Com- 
mittee for  miscellaneous  construction  items  was  mostly  absorbed, 
and  the  Officers  of  the  Road,  not  "wisliing  to  charge  to  running 
expenses  various  items  wlrich  should,  by  the  Stockholders' 
orders  in  1849,  have  been  placed  there,  chai'ged  certain  expend- 
itui-es  to  Sm-plus  Account,  or  Unexpended  Earnings,  and  credited 
the  same  to  an  Account  of  Engines  and  Cars  ;  so  that,  last  yeai', 
the  amount  paid  for  engines  wliich  were  necessary  for  con- 
ducting the  business  of  the  Road  was  charged  to  Sui'plus 
Account,  and  thereby  it  was  made  to  appear-  the  Corporation 
had  invested  a  portion  of  theh  sm-plus  in  cai-s  and  engines, 
when  that  sum  should  have  been  charged  to  Rmming  Expenses 
Account,  and  made  to  appear-  among  the  expenses  of  the  Road. 
These  engines  were  needed  for  the  use  of  the  Road,  and  could 
not  be  chadded  among  the  Stockholders.  They  chd  not  make 
good  the  depreciation  of  the  Road  in  other  paiticulai-s  ;  or,  if  it 
should  be  said  they  did,  the  Stockholders  had  ordered  the 
charge  to  be  made  to  Expenses,  so  that  the  Capital  Stock  might 
represent  the  value  of  our  property.  Instead  of  this,  it  ap- 
pears  that  oiu-  property  has  cost    us   an   additiontd  amount  of 


$13,938.15,  and  that  amount  swells  the  cost  of  the  Road  and 
Equipment.  It  is  immaterial  whether  the  amount  is  charged  to 
Construction,  or  to  another  account  Kkewise  representing  the 
cost  of  oui-  Road  and  Equipment.  It  is  a  subterfuge  to  charge 
the  amount  expended  for  additional  cost  of  the  Road  and 
Equipment  to  any  other  than  Construction  Account.  The 
Stockholders  intended  that  the  amount  of  $4,100,054.52  shoidd 
be  considered  the  cost  of  the  Road  and  Equipment,  and  be 
represented  by  Capital  Stock  of  41,787  shares.  They  therefore 
provided,  in  1849,  by  the  issue  of  6,220  new  shares,  the  means 
"  to  complete  proposed  and  unfinished  works  deemed  advisable 
to  have  completed,  and  set  the  Corporation  free  from  debt." 
At  the  same  time,  the  following  resolution  was  passed  by  them  2 

"Resolved,  That  after  the  expenditiu'e  of  the  sum  received 
for  the  aforesaid  new  stock,  and  also  the  sum  of  $27,975//^ 
from  the  assets  aforesaid,  the  Construction  Account  of  the  Cor- 
poration shall  be  closed ;  and  that  thereafter  the  Directors  and 
other  officers  of  the  Company  are  prohibited  from  contracting 
any  debt  to  be  charged  to  Capital  Stock." 

All  further  chai'ges  for  additions  and  improvements  were  to 
be  deducted  from  the  earnings,  and  to  be  a  part  of  the  expenses 
to  be  paid  before  any  dividend  was  declared.  If  this  were 
otherwise,  the  cost  of  the  Road  would  be  continually  increasing, 
and,  instead  of  maldng  the  provision  annually  from  the  earnings 
for  these  expenditures,  what  was  received  for  these  expenditui'es 
would  be  counted  as  Capital,  and  the  Road  would  be  increased 
in  cost  by  such  additions ;  so  that  the  Stockliolders,  instead  of 
having  the  valuation  of  their  property  kej^t  down  to  the  mark  of 
its  true  worth,  on  which  it  could  pay  dividends,  would  have  its 
valuation  improperly  increased.  By  such  a  system  the  true 
amount  of  thefr  net  earnings  would  not  appeal-,  but  thefr  net 
earnings  applicable  to  the  payment  of  dividends  would  be  im- 
properly increased  by  the  amount  expended  for  alterations  and 
improvements, — wliich  shoiild  be  included  in  the  expenses,  and 
deducted  from  the  earnings,  before  we  could  truly  know  what 
were  the  net  earnings. 

The  Stockholders  are  thus  led  into  error.  The  sums  expended 
for  engines  and  carried  to  siu'plus  account  do  not  represent  any 


8 

true  surplus.  They  represent  only  what  has  been  paid  for  cer- 
tain things  requii-ed  for  the  ordinary  use  of  the  Road,  and  which 
should  be  borne  by  expenses,  under  the  votes  of  the  Stockholders. 
The  depreciation  of  the  bridges,  cars,  iron,  buildings,  &c.,  is 
continually  taking  place,  and  all  the  new  engines,  cars,  and  other 
improvements  purchased  by  the  Company  do  not  increase  the 
value  of  our  projjerty  above  its  cost  to  us.  Well  managed  Com- 
panies whose  roads  ai"e  finished,  have  now  generally  closed  their 
Construction  accounts,  and  carry  all  improvements  to  the  expenses 
of  the  Road.  To  be  sure,  by  such  charges  the  expenses  of  Roads 
appear  larger  than  when  such  items  are  carried  to  Construction 
account,  but  the  Stockholders  have  the  satisfaction  of  knowing 
what  ai-e  all  the  expenses,  and  can  then  better  pro\ide  against 
extravagance  in  the  administration  of  the  Road.  They  also  are 
assm-ed  that  the  dividends  paid  are  really  earned,  and  cannot  be 
declared  until  all  the  expenses  for  repairs  and  improvements  are 
deducted.  They  escape  the  liability  of  having  a  debt  unexpectedly 
sprung  upon  them,  or  finding  that  what  they  supposed  was  a 
reserve,  or  siu-plus  fund,  with  which  they  could  meet  theii"  funded 
or  other  debts,  or  contingent  Habihties,  is  worthless,  or  entkely 
unavailable  for  such  purposes. 

We  therefore  entirely  dissent  from  the  reasonings  and  conclu- 
sions contained  in  the  Du-ectors'  Report,  on  pages  9  and  10,  as 
to  what  was  intended  by  the  injunction  of  the  Stockholders  that 
"  all  repairs  of  the  road  and  the  appurtenances  thereto,  and  all 
alterations,  improvements,  and  reconstruction  of  bridges,  engines 
and  cars  thereafter  made  be  chai-ged  to  running  expenses."  No 
language  could  be  more  clearly  expressive  of  the  Stockholders' 
wishes.  Such  charges  were  to  be  made,  not  to  Sui-plus  account, 
or  Unexpended  Earnings,  or  Construction  account,  or,  by  any 
subterfuge,  escape  fi'om  being  charged  to  the  Running  Expenses. 
The  Committee,  immediately  in  the  next  sentence  after  making 
their  recommendation,  added,  to  give  effect  and  weight  to  it, 
"  Such  is  the  practice  of  the  best  managed  Raih-oads,  and  should 
be  followed  by  all  others." 


Assets. 

The  statement  in  regard  to  the  assets  of  the  Company,  would, 
we  think,  mislead  one  into  supposing  that  the  balances,  as  set 
down  in  the  Du-ectors'  Report,  represent  the  true  financial 
position  of  the  Company,  It  is,  in  fact,  stated  on  page  4  of  the 
Keport,  that  "  the  financial  condition  of  the  Road  is  shown  as 
nearly  as  can  be,  by  the  exhibit  of  its  assets  and  liabilities  in 
Schedide  B.  of  the  appendix." 

We  dissent  fi-om  this  statement,  and  will  proceed  to  give  our 
reasons  therefor. 

On  referring  to  this  Schedule  B.  we  find  the  following  entiy : 
Notes  Receivable  in  detail  in  Schedule  P,  $92,466.07 

In  the  Schedule  P.  there  are  seven  notes  of  the 
Great  Falls  &  Conway  Railroad,  all  long  past 
due  and  unpaid,  (the  first  being  due  Sept.  1, 
1850),  amounting  to  f  16,155.94.  These  are 
secured  by  the  second  mortgage  bonds  of  the 
Great  Falls  &  Conway  Raih'oad,  guaranteed  by 
-  the  Eastern  Raiboad  in  New  Hampshii-e.  The 
Great  Falls  &  Conway  Railroad  have  not  paid 
to  LIS  any  part  of  these  notes,  or  the  interest 
thereon.  We  do  not  think  these  notes  or  bonds 
can  be  made  available  to  pay  our  present  habili- 
ties.     We  therefore  deduct  -         -         -  16,155.94 


176,310.13 

In  the  same  Schedule  P,  is  a  note  of  the  Cocheco 
Raih-oad  for  $4,477.40,  due  Sept.  10,  1855. 
Our  Company  has  proposed  to  deduct  about 
$1,400  fi-om  this  amount,  to  effect  a  settle- 
ment, but  the  Cocheco  Raiboad  claims  a  set-off 
which  would  absorb  the  entire  note.  The  bal- 
ance due  fi'om  the  Cocheco  Raiboad,  when 
ascertained,  is  good.  At  present  the  claim  is 
not  available  to  pay  debts,  and  is  therefore  to 
be  deducted,         ___-_-         4,477.40 


Amount  carried  forward,  $71,832.73 


10 

Amount  brought  forward,  $71,832.73 

Three  notes  of  the  Newbmyport  Raihoad  amouiit- 
mg  to  $60,545.55,  secui-ed  by  1 108,000.00 
Newbiu-yport  R.  R.  2d,  3d  and  4th  mortgage 
Bonds,  and  a  note  of  Danvers  R.  R.  on  demand 
for  $3,477.27.  We  have  been  mformed  by  the 
Treasiu-er  that  he  has  been  notified  the  interest 
mil  not  be  paid  when  it  falls  due  in  September. 
These  we  class  among  unavailable  assets,  -  60,545.55 

Deducting,  we  have  a  balance  of     -          -          -         $11,287.18 
This  balance  we  deem  good.     The  principal  part 
of  J.  W.  Emery  and  others' notes  for  $10,105.33 
has  been  paid  since  May  31st,  and  the  balance 
is  perfectly  good.     Though  Edward  Lamb  & 
Bros.'  note  for  $681.85  and  George  &  Co.'s 
notes  for  $500,  are  over  due,   yet  they   are 
deemed  good  by  the  Treasm-er. 
The  next  item  is 
White    Mountain    Raihoad    Bonds, 

at  $100,    -         -         -         -  $   1,100.00 

These  are  enthely  worthless. 
Newburyport  Raih-oad Bonds,  at  $90,  $  15,210.00 
These  are  4th  mortgage  Bonds,  and  wholly 
unavailable  for  payment  of  debts. 
Danvers  Raiboad  Bonds,  at  $100,    -         -         -         58,500.00 

These  are  a  portion  of  the  $125,000  guaran- 
teed by  the  Boston  and  Maine  Raihoad.  They 
are  unavailable  to  pay  debts,  inasmuch  as  their 
value  consists  in  the  endorsement  by  Our  Com- 
pany, and  the  simple  obhgation  of  the  Boston 
and  Maine  Railroad  would  be  more  valuable  than 
theh  endorsement  of  the  Danvers  Railroad. 
Their  only  value  is  that  oiu-  liability  as  endorsers 
is  reduced  by  the  amount  of  all  we  retain. 
In  valumg  the  stock  of  the  Boston  and  Maine 
Raihoad,  Ave  should  place  it  at  its  miuket  value 
when  the  RcjDort  was   made,  viz.,  78  per  cent. 

Amount  carried  forivard ,  $69,787.18 


11 

Amount  brought  forward,  ^69,787.18 

The  par  value  i  -          -  ^50,000.00 

Less,         -         -         -         -  11,000.00 

39,000.00 

The  stock  was  purchased  by  the  Directors 
when  it  sold  "  low  in  the  market,"  as  is  stated 
in  theii-  Report  for  1854.  We  have  deducted 
from  the  valuation  ^22  per  share,  as  at  the  price 
of  ^78  only,  is  it  available  for  the  payment  of 
debts. 
Steamboat   Daniel   Webster    stock, 

at  $100,    -----  $7,500.00 
This  stock  in  the  boat  has  been  for  a  long  time 
owned  by  the    Boston    and  Maine  Eaikoad. 
The  Eastern  E.aih'oad  hold  an  equal  interest  in 
the  boat  with  our  Road,  and  their   stock  in 
this  boat  is  appraised  in  then'  Re- 
ports, at     -          -         -          -  -  .$5,900.00 
It  runs  in  connection  with  oiu'  trains,  and  can- 
not be  counted  as  assets  available  to  pay  debts, 
but  should   be   classed  with  other  articles  of 
property  necessary  for  the  running  of  the  Road, 
such  as  wood,  oil,  &c. ;  but  its  valuation  should 
be  reduced  to  its  real  worth.  * 
Accounts  in  Sohcitor's  Tiand  for  col- 
lection,     -----   $3,783.90 
We  strike  out  this  item,  being  informed  that 
nothing  can  probably  be  reahzed  from  them 
over  the  costs  of  collection. 
Interest  due  on  notes  and  accounts, 

balance,  -----  $6,696.64 
Most  of  this  is  interest  on  the  Newbiu-}-port 
and  Great  Falls  and  Conway  Raih-oads,  wliich 
will  not  be  paid,  and  therefore  is  stricken  out 
from  available  assets.  The  Schedule  Xo.  7  of 
the  Appendix  will  exliibit  how  this  accoimt  is 

made  up.  

Amount  corricd  forivard,  $108,787.18 


12 

Amount  brought  forivard,  ^108,787.18 

Line  via   Lowell,  due  on  "Quintuple  Contract,"  6,165.77 

This  amount  is  conceded  good,  although  it  is 

in  disjiute. 

Concord  Raih-oad  demand  for  cost  of  accident, 
(in  suit,)  -----  $6,223.45 
This  we  consider  unavailable. 

Lawrence  and  Bishop  demand  on  Medford 
Branch  Account,  -         -          -    $8,991.58 

This  has  been  many  years  in  suit,  and  is  una- 
vailable. 

"  Auditor,  Post  Office  and  Eent  BiUs,"      -         -  1,959.70 

This  is  good. 

"  Rhodes,  Ohver,  Rugg  —  defaulting  Station 
Agents,"  -----  12,642.98 
Worthless,  above  costs  of  collection. 

Great  Falls  and  Conway  Railroad  demand  for 
costs  of  changing  location,  -  -  $5,995.38 
The  amount  is  disputed,  and  unavailable. 

Danvers  Railroad  for  land  damages  paid,  seemed 

by  their  bonds,  at  85  per  cent.,      -          -          -  9,545.07 

These  bonds  are  part  of  the  $125,000  guarantee, 
and  are  only  valuable  to  us  to  reduce  our  lia- 
bihty  thereon. 

Manchester    and  Lawrence  Raikoad,  for  use  of 

Methuen  Branch,  &c.  -  -          -          -  1 1^704.72 

There  are  cHsputes  respecting  this  amount,  as 
well  as  the  one  referred  to  above,  as  "Line  via 
Lowell,  due  on  Quintuple  Contract,"  $6,165.77. 
On  account  of  these  disputes,  no  settlements 
have  been  made  since  1854.  Most,  if  not  all  of 
this,  we  trust,  may  be  realized.  As  we  have 
understood  that  something  might  soon  be  ex- 
pected from  this  claim  on  account,  we  place  it 
among  the  available  assets. 

Manchester  and  LaAvrence  Raih'oad  for  balance 
monthly  account,         -         -         -  $3,806.52 

Amount  carried  forward,  $138,162.44 


13 

Amount  brought  forward,  $138,162.44 

There  is  a  set-off  to  this  claim,  and  payment  is 
refiised  by  that  Road.      It  is  unavailable. 

Cocheco  Raih'oad  for  balance  of  monthly  ac- 
count,       -----   |4,325.96 

There  is  a  set-off  to  this  claim,  and  payment  is 
refused.     It  is  unavailable. 

Great  Falls  and  Conway  Raih'oad,  for  balance  of 
monthly  account,  -          _          _   $3,069.15 

To  this,  a  set-off  of  about  $500  is  claimed. 
Upon  that  being  allowed,  the  Great  Falls  and 
Conway  Raihoad  are  wilhng  to  pay  the  bal- 
ance, and  their  notes  due  us  for  $16,155.94, 
■\vith  those  bonds  of  thehs  guai-anteed  by  the 
Eastern  Raiboad  in  New  Hampshii-e,  which 
we  hold  as  collateral  for  the  notes,  if  we  mil 
take  the  bonds  at  par.  The  bonds  being  un- 
available to  pay  even  the  jiotes,  of  course  are 
worthless  to  pay  this  debt,  and  therefore  this 
is  unavailable. 

Newburyport  Raikoad  for  balance  of  monthly 
account,  -         -         -         -       $6,753.04 

Not  collectable. 

Portsmouth  and   Concord   Railroad,   balance    of 

monthly  account,  -         _         .         _         _  334.49 

This  is  good. 

Salem  and  Lowell  Railroad,  balance  of  monthly 

account,     -         -         -         -         -         -         -  796.30 

This  is  good. 

Lowell  and  Lawrence  Railroad,  six  months'  use 

of  track,  &c.,      ------  1,231.31 

This  is  good. 

Northern  R.  R.,  balance  of  monthly  acc't,  $327. 15 
Our  Treasurer  states  that  a  set-off  absorbs  this 
claim. 

Balance  of  sundiy  monthly  bills  unsettled,  -  142.95 

Tliis  is  supposed  to  be  good. 

Amount  carried  forward,  $140,667.49 


14 

Amount  brought  forward,  f  140,667.49 

Freight  bills  against  Manufactm-iug  Coinpaiiies, 

payable  montlily, 8,169.85 

These  ai-e  good,  as  our  Treasurer  informs  us. 
Freight  Bills  for  freight  not   delivered,  and  for 
fi-eight  payable  monthly,  and  balances  due  on 
ticket  accounts,  -          -  $21,632.15 

Our  Treasurer  states  that  these  are 

aU  coUectable,  less  -          -          -          2,000.00 
We  therefore  value  them  at     -          -          -          -  19,632.15 

Engines   and  cai's   not  charged  in  Construction 
Account,   -         -         -         -           $13,398.15 
This  amount   should  have  been  chai'ged  under 
the  Stockliolders'  votes  to  Running  Expenses. 
It  is  very  easy  to  state  in  the  Report  the  amount 
paid  each  year  for  cars,  and  which  has  been 
chai-ged  to  expenses,  -wdthout  keeping   an  ac- 
count representmg  property  which  the  Road  is 
obhged  to   possess,   and  continually  use,  and 
which  is  always  depreciating.     Lai'ge  additions 
should  be  made  yearly  to  the  Road,  and  charged 
to  Rumiing  Expenses,  to  make   good  depre- 
ciation. 
The  wood,  oil,   waste,  stock  in  car  and  engine 
shops,  h-on  rails,  ties,  lanterns  and  brushes  ai'e 
not   available  to  pay  debts,  until  the  Raiboad 
is  abandoned.    These  amoimt  to    $104,401.06. 
Add  Cash  on  hand,          -----         23, 99 <. 91 
Total,  avdlable  assets, $192,467.40 

We  have  prepared  Tables,  appeaiiig  in  the  Appendix  as 
Schedules  8,  9,  and  10,  wliich  ^vdll  explam  our  subdivision  and 
classification  of  the  items  m  that  part  of  the  Schedule  B.  of  the 
Directors'  Report  denominated  "  Statement  of  the  Assets  of  the 
Boston  and  Maine  Riiih-oad,  available  for  the  pajancnt  of  debts 
of  the  Corporation  May  31,  1856." 

In  the  Schedule  of  the  Appendix  marked  No.  9,  we  have 
placed  all  the  assets  of  the  Dii-ectors'  Schedule  B,  wliich  we 


15 

think  cOi'e  unavailable  to  jxay  debts.  Something  may  be  realized 
ffom  these  assets,  but  we  think  the  cost  attending  theh  collec- 
tion, the  injiuy  resulting  to  the  road  if  coercive  meaoui-es  are 
resorted  to,  and  the  equitable  set-ofFs  which  exist  in  many  cases, 
make  it  very  doubtful  if,  upon  the  whole,  the  Corporation  can 
reahze  more  from  these  claims  than  sufficient  to  meet  the  ex- 
penses of  collecting  or  secm-ing  them.  No  business  man,  in  the 
position  of  oui-  Company,  would  regard  them  as  available  to  pay 
debts.  Moreover,  we  have  carried  into  Schedule  marked  No.  8, 
some  assets  Avliich  will  not,  perhaps,  be  available  to  pay 
debts  to  the  amount  set  agamst  them.  If  more  than  we  expect 
should  be  received  from  the  claims  &c.  stated  in  Schedule 
No.  9,  the  surplus,  we  ai-e  confident,  would  not  more  than 
make  good  the  deficiency  in  the  assets  of  Schedule  No.  8,  and 
provide  for  excess  of  liabihties  over  oiu*  estimate  of  them,  as 
stated  ia  Schedule  No.  11. 

Liabilities. 
In  giving   an  account  of  the  Company's  liabihties,  we  refer 

to  the  Directors'  Keport,  and  take  those  stated  by  the  Treasiu'er 

in  his  account  ciu'rent,   which  appear  in  Schedule   B.  of  that 

Report,  viz :  .         -         -        $183,042.54 

From  which  we  deduct,  inasmuch  as 
the  amount  is  included  in  our  Ha- 
bilityas  endorsers  of  $125,000  of 
the  Danvers  Raihoacl  bonds,  the 
sum  set  against  Danvers  Raih'oad 
Sinldng  Fund,  viz :     -  -  -      5,304.50 

$177,738.04 

To  which  we  must  add  the  Appropriation  to  widen 
the  bridge  between  the  draw  and  the  island  in 
Boston,  as  per  vote  of  Dhectors,  April  26, 1856, 
for  wliich  contracts  have  been  made,       -  -  21,000.00 

At  the  foot  of  this  Schedule  it  is  stated  that  we 

owe  the  State  of  Massachusetts,     -  -  -        150,000.00 

Also  sundry  claims,  among  others,  that  of  Ebcn 

Smith,  for  which  we  have  tendered  liim,  -         40,000.00 

This  was  tendered  in  1848.  There  may  be  in- 
terest   to  be    paid  on   this,   besides   a   lai'ger         

Amount  carried  forward,  $388,738.04 


16 

Amount  brought  forward,  $388,738.04 

amount  than  $40,000,  before  we  can  procure 
a  conveyance.  This  claun  has  been  for  many 
years  in  litigation,  and  we  camiot  escape  pay- 
ing what  we  have  offered.  To  that  amount  it 
is  an  ascertained  liability. 

Bartlett  and  Minot's  land  claim  is  also  a  Hability 

for -         20,000.00 

This  land  is  needed  for  the  Road,  and  the  pui'- 
chase  money  was  provided  for  it  by  the  Stock- 
holders in   1849,  by  authorizing  the  issue  of 

Stock.  

Amount  carried  forward,  _         _         _     $408,738.04 

N.  W.  Hazen's  Suit. 

This  is  one  of  the  most  troublesome  cases  the  Company  has. 
It  has  been  stated  that  Mr.  Hazen  claims  $125,000,  as  damages 
for  past  trespasses  and  for  his  entire  estate  of  about  28  acres, 
through  which  our  Road  runs  about  1100  feet  in  length,  occu- 
pying about  two  acres  of  land  in  area.  Mr.  Hazen  has  prociu-ed 
judgment  against  the  Road  for  trespass,  and  has  lately  filed  in 
the  Supreme  Court  a  bill  in  the  name  of  the  Commonwealth 
against  the  Road,  requii-ing  us  to  show  cause  why  we  use  his 
land,  and  to  restrain  us  from  so  doing.  Mr.  Hazen  says  that 
our  Attorney  stated  to  a  Committee  of  the  Legislatui'e,  that  the 
Company  would  cheerfully  pay  $500,000  for  the  land  if  it  could 
not  obtain  it  without  Mr.  Hazen's  consent  for  a  less  sum.  This 
statement  Mr.  Mmot  explains  in  his  correspondence  Avith  j\Ir. 
Hazen's  counsel,  as  follows  :  "  I  did  not  say  that  ]\Ir.  Hazen's 
land  was  worth  $500,000  to  the  Raihoad.  I  only  said  that  they 
could  afford  to  pay  that,  if  there  Avere  no  other  means  of  con- 
necting theh  rails  or  running  theh  trains." 

Afterwards,  ]Mr.  INIinot,  with  the  authority  of  ]\Ir.  Haj-ward, 
the  President,  by  letter,  offered  to  negotiate  on  the  basis  of 
givmg  for  the  whole  land,  with  or  Anthout  settling  for  any  tres- 
pass, a  sum  less  than  $62,500.  Mr.  Minot,  in  another  letter 
under  date  of  'Nov.  27,  1855,  requests  Mr.  Hazen's  counsel 
"  to  answer  whether  it  mil  be  of  any  use  in  bringing  the  matter 
to  an  adjustment  to  offer  less  than  one-half  of  $125,000,  if  our 
ultimatum  is  less  than  $62,500." 


17 

This,  INIr.  Hazen  urges  is  eqixivalent  to  an  offer  of  ^62,500, 
or  a  fraction  less,  for  the  land,  not  including  the  damages  for  past 
trespasses. 

Mr.  Hazen  also  alleges  that  at  a  hearing  before  the  County 
Commissioners,  in  December  last,  Mr.  Minot,  in  the  presence  of 
Mr.  Haj-svai-d,  offered  $62,500  for  the  land.  Both  Mr.  Hay- 
wai'd  and  ]\Ir.  INIinot  deny  that  any  such  offer  was  made,  and 
theii-  denial  is  corroborated  by  some  persons,  and  pn  the  other 
hand,  Mr.  Hazen's  statement  is  endorsed  by  others,  present  at 
the  heai-ing.  Mr.  Hazen's  counsel  says  he  received  the  impres- 
sion at  Lawi-ence  fi-om  jNIr.  INIinot,  that  the  Company  would  pay 
$75,000  for  the  claim,  and  that  Mr.  Hazen  would  not  accept  it 
then  ;  and  now,  the  last  Legislatm-e  refusing  to  grant  oiu-  petition 
for  a  right  of  way  over  his  land,  he  refuses  to  treat  for  the  land, 
unless  a  larger  sum  is  offered  by  the  Company  for  his  claim  than 
$75,000. 

The  Company  has  obtained  the  opinions  of  Hon.  Richai'd 
Fletcher,  Sidney  Bartlett,  Esq.,  and  Hon.  Peleg  W.  Chandler, 
that  by  an  act  passed  by  a  previous  Legislatui-e  wp  have  the 
right  to  oui-  present  location,  and  the  Company  hope  oui  Coiuts 
"vvill  sustain  these  opinions.  Then  we  shall  have  the  right  of 
way,  and  the  jury  ^vill  decide  what  we  shall  pay  for  it,  as  well 
as  for  past  damages. 

This  claim  is  so  large,  and  our  Company  has  inciu-red  so 
much  expense  m  regard  to  it,  it  has  seemed  to  us  proper  that 
the  above  facts  should  be  stated.  • 

The  offers,  or  propositions  for  offers,  which  it  is  alleged  have 
been  made  to  Mr.  Hazen  and  his  counsel,  by  letters  and  other- 
wise, were  never  authorized  by  the  Directors,  nor  were  they 
knoMii  to  the  undersigned  until  within  a  few  weeks. 
Miscellaneous  Claims. 

The  Boston  and  Lowell  E-aih'oad  claim  for  damages  for  oiu- 
interfering  -v^'ith  theii-  chartered  rights  in  taking  passengers  to 
and  fi-om  Lowell  by  the  way  of  Wilmington,  $50,000.00, 

The  Supreme  Court  of  Massachusetts  have  decided  in  favor 
of  the  Boston  and  Lowell  Railroad,  and  measiu'es  have  been 
taken  to  carry  the  case  up  to  the  Supreme  Court  of  the  United 
States.  If  the  latter  tribunal  should  confirm  the  decision  of  the 
Massachusetts  Comt,  we  should  be  obliged  to  pay  a  very  large 
sum  as  damages  to  the  Plaintiffs. 

3 


18 

The  Great  Falls  Manvifactui'ing  Company  claim  for  land 
damages,  |5,000.00. 

S.  Currier  has  a  claim  for  work  on  change  of  location,  which 
is  in  suit.  He  has  obtained  a  verdict  for  about  $4,000  against 
the  Company,  but  a  new  trial  has  been  granted. 

There  are  many  claims  for  personal  damage,  loss  of  baggage 
and  freight,  &c.,  some  of  which  are  omitted  in  the  Directors' 
Report.  We  estimate  the  Company  will  have  to  pay,  before  we 
can  be  discharged  from  these  clahns,  and  those  of  N.  W.  Hazen, 
the  Boston  and  Lowell  Railroad,  the  Great  Falls  Manufacturing 
Company,  and  Ciu'rier,  not  less  than  -          -     $130,000.00 

Add  to  this  the  amount  stated  on  page  16,  viz.  408,738.04 
Oui-  Corporation  is  also  liable  as  endorsers  of  the 

Bonds  of  the  Danvers  Railroad,  due    March 

1st,  1875,  for     -----         -       125,000.00 

We  thus  have  the  total  liabihties,      -  -     $663,738.04 

Danvers  Railroad. 

As  many  misconceptions  exist  as  to  oiu'  position  with  the 
Danvers  Railroad,  we  will  briefly  state  it. 

In  1853,  the  Boston  and  Maine  Raifroad  agreed  to  hire  the 
Danvers  Raifroad,  and  pay  as  rent  for  its  use,  five  per  cent,  on 
its  cost,  such  cost  not  to  exceed  $150,000.  Tliis  rent  was  to  be 
payable  semi-annually,  six  months  from  the  completion  and 
delivery  of  the  Raifroad  to  us,  and  said  road  was  to  be  deemed 
comJ)leted  when  James  Hayward,  Joseph  N.  Cunningham,  and 
Simeon  Borden,  or  a  majority  of  them,  should  certify  the  fact ; 
and  the  provision  was  made  that  said  Haj^vaixl  should  at  all 
times  have  Hberty  to  inspect  the  books  and  contracts  of  the  Dan- 
vers Raifroad,  and  to  examine  the  work  and  materials  of  this 
Raifroad,  whilst  in  process  of  construction.  Thus  fai"  we  were 
only  liable  to  pay  rent  when  the  Road  should  be  completed. 

As  is  stated  in  the  Report  of  the  Majority,  "  In  the  progress 
of  that  work  it  was  found  that  the  whole  enterprise  would  fail 
unless  they  [the  Danvei's  Railroad]  could  get  aid  from  us." 
Therefore,  last  year,  viz.  in  1855,  on  March  1st,  Ave  took 
another  lease  fr'om  the  Danvers  Railroad  for  100  ycai's,  from 
May  30,  1853,  in  which  it  was  agreed  to  endorse  $125,000 
of  the  bonds  of  the  Danvers  Railroad.     This  amount  would  be 


19 

the  same  as  the  aggregate  of  twenty  years'  rent  of  the  Dan  vers 
RaiLroad,  But  before  agreeing  to  advance  any  obligations  by 
endorsing  the  bonds,  there  was  no  rent  to  ]3ay  unless  the  Road 
was  finished,  and  it  could  not  have  been  comj)letcd  without  the 
Boston  and  Maine  Raih'oad  had  advanced  its  money  or  obliga- 
tions for  that  purpose.  It  did  then  advance  the  bonds  to  pay 
for  the  Road  before  it  was  finished,  and  before  the  Danvers 
Raih'oad  had  compHed,  on  their  part,  with  the  terms  of  the 
lease.  It  paid  for  what  it  was  not  obliged  to  take,  and  paid 
twenty  years'  rent  in  advance. 

Having  done  this,  the  Boston  and  Maine  Raikoad  was  fastened 
to  the  Danvers,  with  a  further  obligation,  "  to  operate  and  main- 
tain the  same,  so  as  reasonably  to  accommodate  the  pubUc,  and 
to  pay  all  the  expenses  of  so  operating  and  maintaining  said 
Raih'oad,  and  [the  Boston  and  Maine  Raih'oad]  are  to  have  all 
the  benefits  of,  and  are  to  perform  all  the  obligations  of  the 
Danvers  Raih-oad  Company,  nnder  and  by  ^drtue  of  a  contract 
between  the  Newbiu-yport  Raih-oad  Company  and  the  Danvers 
and  Georgetown  Raih-oad  Company  of  one  pait,  and  the  said 
Danvers  Raih-oad  Company  of  the  other  pai-t." 

It  is  said  that  the  Boston  and  Maine  Raiboad  have  security 
against  any  loss  on  these  bonds  by  the  pledge  of  $T,500  of  its 
annual  rent.  It  has  been  stated  mider  the  official  signatui-e  of 
the  President,  that  this  security  is  "  ample."  The  Dii-ectors' 
Report  states,  "  When  that  Road  ceases  to  pay  the  interest  on 
the  bonds,  the  rent  stops  ;  and,  at  the  matmity  of  the  bonds, 
the  rent  ceases  forever,  or  till  the  bonds  ai-e  redeemed."  Tliis 
is  not  such  a  statement  of  all  the  facts  that  the  Stockholders  can 
understand  from  it  their  true  position.  It  woidd  seem,  upon 
reading  the  statement  of  the  President,  that  the  secuiity  is 
abundant  to  guard  against  loss ;  that  the  habihty  is  but  remote 
and  contingent,  and  that  we  have  a  sinking  fund  wliich  -nill 
provide  for  it. 

The  truth  is,  that  we  have  to  pay  the  interest  on  these  bonds, 
and  they  are  practically  a  liabihty  as  certain  and  dii-ect  as  if  the 
bonds  were  those  of  the  Boston  and  Maine  Raih-oad  as  prin- 
cipal. We  receive  no  rent  from  the  Danvers  Raih-oad.  The 
Road  docs  not  earn  any  rent.  It  does  not  earn  its  rimning 
expenses.     How,  then,  can  it  be  said  its  amiual  rent  is  lunple 


20 

secuiity  against  any  loss  on  these  bonds  ?  A  considerable  por- 
tion, moreover,  of  the  earnings  of  the  Danvers  Eaikoad  are 
derived  from  the  passengers  and  fi-eight  which  otherwise  would 
pass  over  oui-  Road  for  a  longer  distance  than  they  now  do  over 
the  Danvers  and  our  Eoad  together.  In  fact  the  Dii'ectors 
provided  the  means  for  builduig  a  comj)eting  road  between 
Haverhill  and  Boston,  which  we  have  to  maintain  and  operate 
at  great  expense,  and  then  have  to  account  for  and  pay  to  the 
Eastern  Eaih-oad,  under  our  contract  with  that  Company,  not 
the  net  eamhigs,  for  then  there  would  be  no  loss,  but  all  the 
receipts,  deducting  only  therefr-om  tlii-ee  quarters  of  a  cent  per 
mile  for  every  passenger  or  ton  of  fr'eight,  mth  twenty  cents 
per  ton  for  depot  charges  on  each  ton  of  freight.  No  allowance  is 
made  by  the  Eastern,  for  the  payment  to  the  ISTewbrnyport  Eail- 
road  for  use,  or  risk  of  cai-s,  though  we  have  to  pay  that  Company 
one  half  a  cent  out  of  the  tlii-ee  quai-ters  of  a  cent  allowed  to  us. 

This  year  we  have  had  to  pay  the  Eastern  Eaifroad,  on  accomat 
of  om-  doing  this  business,  the  sum  of  ^10,014.81,  as  will  appear 
by  the  Schedule  in  the  Appendix,  mai'ked  Xo.  5,  wliich  is  a 
statement,  prepared  by  our  Treasurer,  of  the  results  of  the  Danvers 
Eaih'oad  business  for  the  year  ending  June  1,  1856. 

The  Stockholders  can  judge  for  themselves  whether  a  Habihty 
is  contingent,  when  we  have  semi-annually  to  pay  interest  on  it ; 
whether  there  is  any  security  in  rent,  when  instead  of  oiu* 
receiving  any  rent  or  income  fi'om  the  Eoad,  not  only  is  a  lai'ge 
portion  of  receipts  derived  fr-om  travel  di'a's^ii  off  fr'om  its  legiti^ 
mate  coui'se  over  our  Eoad,  but  a  large  sum  is  paid  to  the 
Eastern,  on  account  of  the  diversion  of  business  fr-om  its  Eoad  ; 
and,  moreover,  all  the  Danvers  EaUroad  receives  fr'om  its  own 
business,  as  well  as  from  the  Eastern  and  Boston  &  Maine 
Eailroads,  is  not  sufficient  to  pay  its  running  expenses. 

By  the  Schedule  in  the  Appendix,  marked  No.  5,  it  appears 
the  loss  to  us  of  operating  and  maintaining  this  Eoad  during  the 
last  year,  estimating  the  cost  of  running  it  according  to  the  terms 
of  our  lease  A\ith  that  Company,  was  ^42,680.92. 

The  Danvers  Eailroad,  by  their  Committee,  in  memorializing 
the  last  Legislatm-e,  protest  against  the  contract  between  this 
Company  and  the  Eastern  Eailroad,  and  state  that  this  contract, 
"  if  carried   out   as  the   Boston  &.  INIaiue    Eailroad   has  aheady 


21 

commenced,  will  etfcct  the  utter  ruin  of  all  interest,  vj/iich  the 
creditors  or  Stockholders  of  the  Danvers  Railroad  Company 
have  in  the  road." 

What  possibility  is  there  of  our  escaping  from  paying  the 
principal  as  well  as  the  interest  of  these  bonds  ? 

The  intelligent  Stockholder  can  Kkewise  decide  how  valuable 
a  sinking  fund  of  $5,000  of  the  Danvers  Railroad  bonds  is,  when 
the  Road  not  only  camiot  pay  its  running  expenses,  but  the 
Boston  &  Maine  Raikoad  itself  has  to  pay  the  interest  on  the  bonds. 

These  bonds  discharge,  however,  but  twenty  yeai-s'  rent  of  the 
Danvers  Raikoad.  We  have  not  only  to  lose  this,  but  affer 
twenty  years  have  expu-ed  we  are  bound  by  the  lease  to  operate 
that  Raili-oad,  whatever  may  be  the  loss  and  cost  to  us,  unless, 
in  some  unexpected  manner,  we  obtain  relief  from  this  contract. 
This  hability  is  not  to  be  lost  sight  of  in  considering  the  value 
of  the  lease. 

A  suit  has  been  brought  to  recover  damages  for  cotton  bui-nt 
while  being  carried  over  the  Danvers  Road  the  past  year. 
This  is  a  claim  against  us  for  several  thousands  of  dollars,  growing 
out  of  the  lease  of  this  Road. 

xinother  liabihty  is  omitted  in  the  Du-ectors'  Report.  The 
Danvers  Railroad  have  sued  oui-  Corporation  dming  the  past 
year,  and  kiid  their  damages  at  $100,000.  This  suit  is  brought 
to  recover  an  amount  of  about  $40,000,  expended,  as  is  alleged 
by  that  Company,  at  the  request  of  oui-  President,  Mr.  Hayward, 
and  under  the  promise  fi-om  him  that  our  Company  woidd  pay 
the  additional  cost  incui-red  m  building  the  road,  which  could 
have  been  saved  by  a  change  of  location.  Other  claims  for 
damages,  also,  ai'e  preferred  against  our  Company,  which  ai'e 
sought  to  be  recovered  by  the  Danvers.  Rehef  has  been  asked 
by  them  of  the  Legislatiure  of  Massachusetts  on  account  of  the 
acts  of  our  Company,  and  theii'  petition  was  postponed  to  the 
next  Legislature. 

We  hope  and  believe  that  many  of  the  claims  and  complaints 
of  the  Danvers  Raiboad  will  prove  groimdless  ;  yet  the  chai-ges 
made  against  our  officers  by  that  Company,  through  the  press, 
in  the  Legislature  and  Com-ts,  and  both  in  public  and  private 
places,  are  somxcs  of  annoyance  and  injury  to  our  Road,  and  ;iiFord 
us  reason  to  deplore  oiu-  complicated  connections  with  it. 


22 


Danvers  and  Georgetown  and  Newburyport  E..  E.  Loan. 

Among  tlie  assets  "  available  to  pay  debts,"  are  placed  iu  tlie 
Dii'ectors'  Report,  three  notes  of  the  Newbiuyport  E-aihoad. 
The  amount  of  one  is  carried  out  as  $10,392.85  ;  of  another, 
$5,456.50  ',  and  of  the  thuxl,  $44,696.20 ;  amoimtmg  in  all  to 
$60,545.55,  exclusive  of  interest. 

By  turning  to  .Schedule  No.  3,  of  the  Report  of  the  Investi- 
gatmg  Committee,  it  will  be  seen  that  among  the  Notes  Re- 
ceivable belonging  to  the  Company,  was  that  of  the  Danvers 
and  Georgetown  Raih-oad,  dated  August  21,  1854,  for  $70,000, 
which  was  endorsed  by  W.  D.  Northend,  Q.  I,  Tenney,  Samuel 
Little,  and  Gilb.  Tapley. 

In  the  interval  between  the  day  of  the  annual  meeting  at 
Haverhill,  on  September  12,  1855,  and  its  adjoiu-nment  to  Bos- 
ton, viz.,  on  September  26,  1855,  tliis  claim  was  settled  by  the 
old  Board  of  Dhectors.  As  it  was  settled  during  the  last  fiscal 
year,  though  before  the  undersigned  were  elected,  and  as  we  be- 
lieve the  Company  by  the  settlement  has  lost  .$44,696.20  of  its 
assets,  it  seems  to  us  proper  that  the  Dii-ectors  should  report 
upon  so  important  a  subject  in  detail. 

This  loan  was  originally  made  to  the  Danvers  and  George- 
town Raihoad  for  the  pm-pose  of  pajing  for  theii-  ii'on.  The 
making  of  the  loan  was  objected  to  by  one  of  the  undersigned. 
Dr.  WiUiam  J.  Walker,  who  was  at  the  time  a  Dhector,  but 
was  not  present  at  the  meeting  of  the  Board,  when  the  loan  was 
authorized,  and  deshes  to  state  that  he  entered  his  dissent  to  the 
loan,  on  record,  as  soon  as  he  heard  of  it. 

Personal  seciuity  was  not  at  fii'st  given  for  the  loan.  The 
officers  of  the  Danvers  and  Georgeto-\vn  Raihoad  allege,  that, 
when  apphed  for,  it  was  distinctly  understood  the  loan  was  not 
to  be  temporaiy,  and  that  no  personal  security  for  the  same 
would  be  given,  nor  any  other  security  than  on  the  Road  and 
hon. 

A  portion  of  the  iron  liaving  been  taken  by  the  Danvers  and 
Georgetown  Raihoad,  it  was  stated  by  ]\Ir.  Hayward,  oui-  Presi- 
dent, that  one  of  his  Dhcctors  objected  to  the  loan,  and  security 
other  than  a  supposed  lien  on  the  iron  after  it  had  been  laid  was 
dcshed.     The  officers  of  the  Danvers  and  Georgetown  Company 


23 

objected  to  tliis,  and  referred  to  the  original  understanding  that 
the  loan  was  to  be  made  on  the  security  of  the  iron.  Cars  and 
engines  were  offered  as  additional  security,  and  these,  as  the 
officers  of  that  Road  allege,  were  thought  to  be  sufficient.  It 
was  stated  that  a  Du-ector  continued  to  object  to  taking  this  se- 
curity, and  the  officers  of  the  Danvers  and  Georgetown  Company 
were  ui-ged,  as  is  stated  in  a  pubhshed  document  of  theu'  Presi- 
dent, to  give  personal  security  till  after  oiu-  annual  meeting  in 
1854,  which  was  then  about  to  take  place. 

It  will  be  remembered  several  Diiectors  stated,  at  this  meet- 
ing at  Lawi-ence,  that  this  loan  was  abundantly  secm-ed  by 
individual  obligation,  in  reply  to  Dr.  Walker,  who  alleged  that 
it  was  unsafe. 

It  will  also  be  seen  that  in  the  Dii-ectors'  EeiDort,  of  1854, 
made  by  Mr.  Hayward,  as  President,  by  order  of  the  Du-ectors, 
it  is  stated  on  page  4,  "  The  financial  condition  of  the  Road  ^ill 
be  seen  by  the  statement  of  its  assets  and  liabihties.  Schedule  C. 
The  property  is  set  down  at  a  fair  valuation ;  the  notes  are  well 
secui-ed;  and  the  balances  of  the  accounts  are  all  available." 
Also,  on  page  8  of  the  same  Report,  "  The  Du-ectors  have  in- 
vested a  portion  of  the  reserved  fund  in  the  stock  of  the  Road, 
bought  when  it  sold  low  in  the  market.  "With  other  portions 
of  it  they  have  made  temporary  loans  to  Railroad  Corporations 
or  individuals,  at  6  per  cent,  interest,  on  satisfactory  security." 

Also  on  page    12,  in  Schedule  C,  referred  to  in  the   same 
Report,  among  other  assets,  was  found  this  specification, 
"  Notes  amply  secui-ed,  _         _         _         .    |222,4.37.45." 

Thus  the  Stockholders  were  repeatedly  assured  of  the  secu- 
rity of  the  loan.  All  doubt  or  question  in  respect  to  the  secu- 
rity was  set  at  rest  by  not  only  the  pubhc,  but  the  private 
assurances  of  several  of  the  Du-ectors.  The  names  of  the  en- 
dorsers were  sufficient  to  secure  the  note  ;  and  if  there  had  been 
no  private  understanding  between  the  officers  of  our  Road  and 
the  Danvers  and  Georgetown,  there  could  be  no  defence  to  the 
note,  and  no  discount  was  necessary.  If  there  was  such  a  pri- 
vate understanding  before  the  annual  meeting,  the  Stockholders 
will  decide  whether  the  statements  in  the  Annual  Report,  and 
at  the  ammal  meeting  of  1854,  were  correct  or  excusable  on  the 
pai-t  of  any  who  were   cognizant  of  the   agreement,   that  the 


24 

note  was  received  merely  as  a  temjDorary  secmity  till  after  the 
election,  when,  "  if  the  election  went  right,"  it  was  to  be 
exchanged  for  security  of  a  different  and  inferior  chai-acter. 

The   following   statement   of  the   endorsers   of  this  note,  in 
reference  to  this  loan,  has  been  placed  in  our  hands : — 

Georgetown,  August  19,  1856. 
Gentlemen  : — 

In  answer  to  your  inquiry,  we  would  state  that  we  were  induced 
to  endorse  the  note  for  $70,000  given  by  the  Danvers  and  George- 
town Raih-oad  Company  to  the  Boston  and  Maine  Raih-oad,  dated 
August  21st,  1854,  and  payable  in  one  year  from  date,  solely  upon 
the  unquaHfied  promise  made,  personally,  to  each  of  us  by  Mr.  Hay- 
ward,  President  of  the  Boston  and  Maine  Railroad,  and  by  Mr. 
Minot,  Attorney  of  said  Road,  that  the  note  was  desired  for  a  tem- 
porary purpose  only,  and  that  security  upon  the  property  of  the 
Danvers  and  Georgetown  Railroad  Company  should  be  substituted 
for  it  immediately  after  the  annual  meeting  of  the  Stockholders  of 
the  Boston  and  Maine  Railroad,  which  was  then  about  to  take  place. 
The  reason  assigned  for  requesting  this  personal  security  was,  tha.t 
unless  it  was  given,  "  Dr.  Walker  would  make  trouble  with  us  at  the 
annual  meeting." 


Very  truly  yours,  &c., 


GEORGE  I.  TENNEY, 
WM.  D.  NORTHEND. 


August  19,  1856. 
It  was  only  upon  the  statement  to  me  by  Messrs.  Tenney  and 
Northend  of  the  facts  as  above  set  forth,  that  I  was  prevailed  upon 
to  endorse  said  note. 

SAMUEL  LITTLE. 

Mr.  Northend  authorizes  us  to  pubhsh  the  following  letter, 
received  by  him  from  ]\Ir.  Minot,  the  Attorney  of  om-  Company, 
in  support  of  the  above  : — 

[private.] 

Boston,  August  16,  1854. 

W.  D.  NORTHEND  : — 

I  have  seen  Mr.  Kuhn  this  morning.  You  know  his  signature 
or  approval  is  necessary  to  any  loan.  I  find  him  insuperably  set 
against  taking  security  on  the  iron  itself,  or  on  the  Road,  before  our 
Stockholders'  meeting.  I  think,  but  am  not  certain,  his  mind  and 
mine  are  not  much  unlike  as  to  what  should  be  done  after  election,  if 
election  goes  right,  as  I  presume  it  will. 

I  think,  therefore,  that  all  you  can  get  now  is  a  loan  on  personal 
security,  which,  if  not  afterwards  taken  up  by  a  lease  or  moi-tgage, 
will  give  you  just  so  mucli  more  time  to  turn  in.     Then  at  election, 


25 

if  things  go  right,  you  can  very  likely  get  a  Stockholders'  vote  to 
strengtiien  the  Directors'  hand. 

His  objection  to  the  loan  of  money  on  the  iron  would  not  apply  to 
the  engines  and  cars,  as  it  is  that  practically  we  would  not  take  the 
iron  up. 

Yours  in  haste, 

GEORGE  MINOT. 

The  election  of  1854  having  "  gone  right,"  the  President 
and  Attorney  of  oiu"  Road  were  called  upon  to  perform  the 
agreement  alleged  to  have  been  made  by  them  with  the  officers 
of  the  Danvers  Road. 

This  was  not  done ;  but  the  claims  after  having  been  put  in 
suit,  and  much  angry  feeling  excited,  were  compromised,  just 
previous  to  the  last  election,  pursuant  to  the  following  instructions. 

H,  B.  Wilbur,  Esq., 

Treasurer  of  the  Boston  and  Maine  Railroad, 

Sir, — The  Committee  appointed  to  make  a  settlement  with  the 
Newburyport  Railroad  Company  hereby  authorize  you  to  give  up  the 
note  of  said  Company  dated  21  August,  1854,  for  seventy  thousand 
dollars,  on  receiving  in  payment  therefor  a  note  signed  by  Moses 
Putnam,  and  endorsed  by  Geo.  I.  Tenney,  dated  Sept.  11,  1855,  for 
fifteen  thousand  dollars,  less  interest  $420,  say  for       -       $14,580.00 

Cash, 15,420.00 

And  a  new  note  of  said  Company  of  this  date,  payable 

in  two  years,  with  interest  semi-annually,  for  -  44,696.20 
Making  the  whole  amount  of  interest  and  principal  now       

due  on  said  note,  $74,696.20 

It  is  to  be  a  condition  of  this  note  of  $44,696.20,  that  on  the  failure 
of  the  Company  to  pay  the  semi-annual  interest  punctually  as  it  shall 
become  due,  the  principal  shall  thereupon  become  due.  All  the 
Bonds  now  held  as  collateral  security  for  the  payment  of  the  $70,000 
note,  and  also  any  other  Bonds  held  as  collateral  are  to  be  retained  ; 
and  they  ai'e  also  to  leave  with  you  a  note  of  the  Danvers  Raih-oad 
Company,  dated  Sept.  25, 1855,  for  thirty-four  hundred  seventy-seven 
dollars  jYq,  payable  to  and  endorsed  by  the  Newburyport  Railroad 
Company. 

You  will  also  erase  from  the  two  notes  of  said  Newburyport  Rail- 
road Company, — one  dated  18  June,  1853,  for  $10,650,  and  the  other 
dated  March  10,  1853,  for  $15,750, — the  signatures  of  all  the  sureties 
thereon.  You  will  also  receive  from  said  Company  their  Mortgage 
Bonds  of  last  issue  at  ninety  cents  on  the  dollar,  in  payment  for  the 
amount  due  from  said  Company  for  transportation  and  expenses  paid. 

No  one  part  of  this  is  to  be  done  unless  the  whole  be  j^erformed  by 
said  Company. 

(Signed,)  GEO.  H.  KUHN, 

JAMES  H.  DUNCAN, 
GEO.  MINOT, 

Boston,  Sept.  26,  1855.  Committee  of  Directors. 

4 


'    26 

By  this  settlement  our  Company  discharged  the  sureties  from 
the  Danvers  and  Georgetown  note  of  $70,000,  upon  receiving 
|30,000,  and  took  the  note  of  the  Newbuiyport  Raih-oad  Com- 
pany for  the  balance  due,  namely,  $44,696.20,  retaining  the 
bonds  then  in  their  hands,  and  a  note  of  the  Danvers  Raihoad 
Company  for  $3,477.27  as  collateral. 

They  also  discharged,  Sept.  26,  1855,  on  receiving  $5,000, 
the  sureties  on  the  note  of  the  Newbuiyport  Eailroad  for 
$15,750,  dated  March  10,  1853,  payable  Januaiy  1,  1854,  and 
signed  by  C.  J.  Brockway,  George  I.  Tenney,  George  Cogswell, 
and  E.  Kimball,  as  sm-eties,  having  also  $20,000  Newburyport 
Raih-oad  bonds  as  collateral.  Interest  was  due  on  tliis  note  from 
July  1,  1854.  On  March  26,  1856,  six  months'  interest  was 
paid  on  the  balance  of  tliis  note. 

They  also  discharged,  Sept.  26,  1855,  on  receiving  $5,000, 
the  same  siireties  on  another  note  of  the  Newbiuyport  Railroad, 
dated  June  18,  1853,  and  secm-ed  by  $13,000  of  their  bonds. 
No  interest  had  been  paid  on  this  note.  On  March  26,  1856, 
six  months'  interest  was  paid  on  the  balance  of  the  note. 

Also,  on  Sept.   26,  1855,  a   settlement  was  made  with  the 
Newburyport  Raihoad   for  the  balance  due  to  oiu:  Company  on 
Passenger  and  Freight  Account  to  Sept.  1,  1855,  and  interest, 
$15,235.00,  we  receiving  therefor  twenty-five  dollars  in  cash, 
and  $15,210  in  the  foui'th  mortgage  bonds  of  the  Newbiuyport 
Raihoad,  at  ninety  cents  on  the  dollar. 
By  these  settlements  it  will  be   seen  we  have 
discharged    sureties   who   were    considered    a 
year  previous  amply  responsible,  and  who  are 
now    esteemed   perfectly  good,   from   balance 
due  on  $70,000  note,  amounting  to        -         -      $44,696.20 
also,  fr-om  note  of  $15,750,  and  accrued  interest 
to  Sept.  26, 1855:  viz.  $1,168.12  ; 
total,      .         -         -         -         -     $16,918.12 
Less  paid        -         -         -         -         5,000.00 

^  11,918.12 

From  note  of  $10,650,  and  ac- 
crued interest  to  Sept.  26,  1855 : 
viz.  $843,12;  total,         -         -     $11,493.12 

Less  paid,       .         -         -         -         5,000.00 6,493.12 

Total  - $63,107.44 


97 


Though  interest  was  paid  March  26,  1856,  on  the  two  notes 
last  named,  to  the  amount  of  f  550.65,  yet  we  must  bear  in  mind 
that  we  have  not  received  what  is  due  us  on  monthly  accounts 
fi-om  the  Newbvuyport  Railroad  for  sale  of  tickets  over  our 
Road  and  for  freight.  So  that  we  actually  provided  that  Road 
with  the  means  of  paying  us  the  interest  due  on  those  notes. 

It  is  not  expected  by  us  that  we  shall  receive  the  interest  on 
these  three  notes  any  longer.  Our  Treasurer  has  received  notice 
that  the  interest  about  maturing  will  not  be  paid,  but  will  be 
deferred. 

The  Stockholders,  we  fear,  by  the  above-named  settlement  of 
September  26,  1855,  lost,  if  the  sui-eties  on  the  notes  were 
responsible,  and  we  beheve  they  were,  the  full  amoimt  of 
$63,107.44,  together  with  $245.98  being  the  amount  paid  to 
oiu-  Attorney,  who  was  a  member  of  the  above  Committee, 
for  his  charges,  (including  $18.48  for  Sheriff's  fees,)  and  com- 
missions on  $40,000,  received  by  the  Company  for  the  above 
compromise, — unless  those  persons  are  responsible  for  the  loss, 
by,  or  on  account  of,  whose  acts  the  compromise  was  made  in 
behalf  of  oui-  Road.  The  Report  of  this  settlement  was  made  by 
the  above-named  Committee  to  the  present  Boai'd  on  Nov.  2d, 
1855,  and  was  laid  on  the  table.  No  action  has  since  been  had 
upon  it. 

The  Danvers  &  Georgeto^^ii  and  the  Newbuj-yport  Raihoads 
ai-e  now  consohdated  into  one  Corporation,  which  is  called  the 
Newbmyport  Raih-oad  Company. 

The  description  of  the  bonds  of  the  Newburyport  Raih-oad 
which  we  own  and  hold  as  collateral,  are  as  follows : 

Bonds  of  the  second  mortgage^  held  as  collateral,     $20,000.00 
«      "   "    third  "  "     "        "  13,000.00 

"      "   "    foiu-th        "  "     "        "  75,000.00 


Total  held  as  collateral,     -         -         -     $108,000.00 
Bonds  of  the  fourth  mortgage,  owned  by  the 

Company,  at  90,      -         -         -         -         -         15,210.00 
The  action  of  the  Directors  upon  the  subject  of  the  lease  of 
the  Danvers  Raihoad,  and  the  loans  to  the  Danvers  &  George- 
town and  Newbiu-yport  Railroads,  will  appear  in  Schedule  No. 
6  of  the  Appendix. 


28 


Pay  Rolls  and  Expenses  for  Laboe. 

In  the  Appendix,  Schedule  No.  2  shows  the  amoimt  ex- 
pended for  labor  and  ser\dces  of  those  employed  by  the  Com- 
pany dui-ing  the  last  year,  together  ^v-ith  some  incidental 
expenses.  These  tables  have  been  carefully  prepared  by  a  clerk 
employed  by  oui-  Treasui-er,  under  the  Directors'  orders. 

The  expenses  have  increased  to  an  alarming  extent,  and  the 
Stockholders  must  take  prompt  measui-es  to  retrench  them,  if  they 
desire  any  income  from  their  investments.  While  our  receipts 
for  the  year,  as  will  appear  by  the  Directors'  Report,  have 
increased  nominally  $15,448.47,  oui-  expenses  have  actually 
increased  $45,186.09,  while  there  have  been  run  60,722  miles 
less  than  the  pre\ious  year.  Many  items,  also,  as  we  have 
shown,  have  not  been  charged  during  the  last  yeai"  to  expenses, 
which  properly  belong  to  Running  Expenses.  It  will  be  seen 
that  our  Law  Expenses,  including  charges  for  services  rendered 
by  different  persons  before  the  Massachusetts  Legislatm-e  dm-uig 
the  last  year,  amount,  with  estimates  for  bills  outstanding  ]\Iay 
31,  to  $18,190.69.  The  sum  of  $3,547.03  appears  to  have 
been  paid  for  Ci\il  Engineering  and  Smveys,  diuing  the  year  ; 
most  of  which,  we  think  unnecessaiily  expended. 

The  large  number  of  trains  we  run,  many  of  which  could  be 
dispensed  with,  add  very  greatly  to  oiu-  exj)enditiues. 

It  seems  that  there  have  been,  on  an  average,  681  men 
employed  every  working  day  during  the  last  year-.  Between 
one  and  two  hundred  of  these  could  be  dispensed  with,  and  oiu- 
Road  managed  more  efficiently  than  it  has  been.  The  expenses 
could  at  once  be  very  lai'gely  reduced  by  introducing  discipline, 
energy  and  accountabihty  into  the  achninistration  of  oiu-  Road  for 
the  ensuing  year  ;  and  in  succeeding  yeai-s,  the  expenses  could 
be  still  niore  diminished. 

The  following  Table  prepared  from  the  annual  Reports,  -will 
show  how  greatly  oiu"  expenses  have  increased  smce  1852,  and 
how  disproportioned  they  are  to  the  increase  of  eiunings : 


29 


Total  Receipts. 

Total  Expenses. 

1852, 

.  $632,232.45 

1314,594.23 

1853, 

.     728,410.96 

329,882.24 

1854, 

.     850,007.02 

404,030.11 

1855, 

.     875,593.48 

495,104.42 

1856, 

.     891,041.95 

540,290.51 

Thus  it  appears  that  though  otu-  gross  earnings  were,  the  last 
year,  but  $41,034.93  more  than  in  1854,  yet  om-  expenses  have 
increased  $136,260.40  since  that  time,  or  about  33  per  cent. 

It  will,  also,  not  be  overlooked,  that  the  above  statement  of 
last  year's  earnings  is  swollen  by  what  has  been  improperly 
credited  to  the  account  for  interest  on  failed  notes,  as  well  as 
for  uncollectable  accounts  due  from  connecting  roads.  More- 
over, the  amount  collected  of  the  bondsmen  of  H.  H.  Fowle, 
the  defaidting  clerk,   $5,729.84,  is  included  in  the   eai-nings 

of  the  year. 

Freight  Department. 

We  are  happy  to  state,  that,  since  the  month  of  January  last, 
there  has  been  a  large  reduction  in  the  expenses  of  this  depart- 
ment. About  the  middle  of  November  last,  it  was  placed 
under  the  charge  of  Mr.  William  J.  Merriam.  By  referring 
to  Schedule  No.  3,  it  will  be  seen,  on  comparing  the  cost  of 
handhng  the  freight  the  fu'st  six  months  of  the  present  year 
with  the  corresponchng  six  months  of  1855,  that  Mr.  Merriam 
has  reduced  the  cost  27  per  cent. ;  that  the  total  increase  of 
tonnage  handled  has  been  20,275  tons.  By  Schedule  No.  4,  it 
will  be  seen  that  the  increase  of  earnings  for  the  year  ending 
Jime  1,  1856,  over  the  previous  year,  was  $54,055.57 ;  and 
that,  allowing  for  the  increase  of  tonnage,  yet  the  increase  of 
earnings  over  that  of  tonnage  for  1856  was  $31,419.57,  though 
there  was  no  increase  of  the  tariff  of  freight  during  the  period. 

Tills  great  mcrease  is  accounted  for  partly  by  the  amount 
received  from  the  bondsmen  of  H.  H.  Fowle,  whose  defalca- 
tions were  discovered  thi'ough  the  sagacity  of  Mr.  ]\Ierriam, 
and  with  the  assistance  of  Iris  clerks.  The  reduction  of 
expenses  under  the  \dgilant  supervision  of  the  Freight 
Agent,  the  diminution  of  the  allowances  or  discounts  made  to 
custom(>rs  for  loss  or  damage  of  fix'ight,  and  the  removal  of 
imluithful  and  suspected  employes  by  the  Freight  iVgent,  will, 


30 

we  think,  account,  in  a  great  measure,  for  the  large  increase  of 
net  earnings  beyond  the  increase  produced  by  the  additional 
tonnage. 

Dividends. 

By  the  Schedule  hereto  appended,  marked  No.  8,  you  will 
find  om-  estimate  of  the  assets  available  for  the  payment  of  debts. 
May  31,  1856.  Some  of  these  assets  were  not  immediately,  on 
that  day,  convertible  into  cash  to  pay  dividends  and  debts,  and  it 
would  not  have  been  judicious  to  dispose  of  others.  For  instance, 
we  could  not  receive  on  demand  what  was  due  us  from  the  Man- 
chester and  Lawrence  Railroad,  nor  what  was  due  fr'om  the  line 
via  Lowell  under  the  quintuple  contract,  nor  would  it  have 
been  judicious  to  sell  the  five  hundred  shares  of  stock  in  our 
Road  at  the  market  price,  although  we  have  classed  all  these 
assets  among  those  available  to  pay  debts. 

There  was,  however,  a  dividend  to  be  paid  Jidy  1,  besides 
back  dividends  and  other  items. 

The  means  of  paying  some  of  our  previous  dividends  had 
been  provided  by  borrowing  part  of  the  money  necessary  for 
the  purpose,  and  issuing  our  notes  therefor. 

On  June  18th  last,  the  Treasurer  reported  :  "  For  available 
means  to  pay  dividends,  we  have 

Cash  now  in  banks, $65,000.00 

Estimated  Receipts  from  earnings  and  assets  of- 
the  Road  over  expenditures,  in  season  to  meet 
the  dividend,      -         -         -         ^         -         .         60,000.00 


$125,000.00 
This  will  enable  us  to  pay  a  dividend  of  3  per  cent.,  which 
amounts  to  $124,671.00." 

But  a  large  part  of  this  money  belonged  to  connecting  roads, 
whose  earnings  we  collect.  So  that,  had  it  not  been  that  we 
retained  and  vised  the  earnings  of  these  roads,  and  deferred  the 
payment  of  our  own  bills,  we  should  have  had  to  borrow  money 
elsewhere  to  pay  our  last  dividend.  We  had  not  the  means  on 
May  31  last,  and  there  were  not  sufficient  collectable  assets 
belonging  to  the  Company  from  wliich  we  could  have  then  paid 
that  dividend. 


31 


Summary  of  Financial  Position. 

By  Schedule  No.  11  of  the  Appendix  it  will  be  seen  that 
the  Liabilities  of  the  Company  on  May  31,  1856,  were,  according 
to  om-  estimate,  $663,738.04  ;  and  the  whole  amount  of  assets 
available  for  the  payment  of  the  Company's  debts  was,  as  -wdll 
be  seen  by  Schedule  No.  8,  $192,467.40  ;  leaving  a  balance  of 
liabilities  over  available  assets  of  $471,270.64.  This  latter 
amotmt  must  be  provided  for  from  the  earnings  of  the  Road, 
and  by  the  issue  of  230  shares  of  stock,  which  we  have  the 
right  to  issue  at  par  ;  no  other  provision  ha\ing  been  made 
therefor. 

Our  immediate  liabihties.  May  31,  1856,  as 
detailed  in  Schedule  No.  1 1  of  the  Appendix, 

were— $198,738.04 

Besides  the  above  are  the  following  liabihties  :  — 

Massachusetts  State  Loan,  due  Aug.  1,  1857,         100,000.00 

1859,  50,000.00 

Eben  Smith  for  land,  _         -         -         -  40,000.00 

Bartlett  &  Minot,  '^  _         -         -         .  20,000.00 

We  should  have  means  constantly  in  oui-  Trea- 
sury to  pay  "the  two  last  items,  as  at  any  time 
the  amounts  can  be  demanded  of  us  ;  and, 
moreover,  the  Stockliolders,  in  1849,  provided 
particularly  for  them  by  the  issue  of  stock. 
Simdiy  clamis  contested,  but  which  Ave  ai-e  hable 
to  pay  on  demand,  as  they  may  be  advantage- 
ously compromised,  or  judgments  recovered 
against  us,  not  less  than  _  _  -  130,000.00 

Besides  the  above,  we  are  hable  as  endorsers  of 
the  Danvers  Raih'oad  bonds,  due  March  1, 
1875,  which  we  must  seasonably  provide  the 
means  to  pay,         -----  125,000.00 

Total  Liabihties, $663,738.04 

To  pay  the  above,  we  have  $58,500  of  the  bonds 
of  the  Danvers  Railroad  belonging  to  us,  and 
we  have  a  debt  secm-ed  by  other  bonds  of  the 


Amount  carried  forward,  $663;738.04 


32 

Amount  brought  forward,  ^663,738.04 

same  description,  to  the  amount  of  $9,545.07  ; 
in  all  a  set-oiF  against  oux  liability  as  endorsers 
of  $125,000  Danvers  Raikoad  bonds,  of  68,045.07 

$595,692.97 

"We,  also,  had  assets  available  for  papnent  of  debts, 

per  Schedule  No.  8,         -         -         -         -  124,422.33 

Balance, $471,270.64 

Thus  showing  a  balance  of  $471,270.64  which  must  be  pro- 
vided for,  after  deducting  all  our  assets  available  for  the  payment 
of  debts.  Of  this  balance,  $23,000  can  be  paid  by  the  issue  of 
230  shares,  referred  to  in  Schedule  No.  8,  when  the  stock  can 
be  sold  at  par.  The  Stockholders  having  made  no  provision  for 
the  remainder,  $448,270.64,  it  must  be  paid  from  the  earnings 
of  the  Road. 

As  we  have  pre^aously  stated,  whatever  may  be  collected 
from  the  claims,  &c.  unavailable  to  pay  debts,  as  per  Schedule 
No.  9,  would  not,  iii  oiu*  opuiion,  more  than  make  good  losses 
which  may  occui-  m  reahzing  the  assets  classed  as  available,  in 
Schedule  No.  8,  and  provide  for  the  possible,  and  perhaps  prob- 
able excess  of  habihties  over  the  moderate  amount  of  $130,000, 
which  we  have  above  estimated  that  our  Company  will  have  to 
pay  to  discharge  sundiy  claims  in  dispute. 

It  is  our  duty  to  notify  you  that  a  lai'ger  sum  than  was 
appropriated  last  year  must  be  expended  from  the  eai-nings  of 
the  ensuing  year,  for  renewals  of  rails,  and  to  make  good  other 
loss  by  depreciation. 

Our  object  has  been  to  give  you  a  just  statement  of  oiu*  assets 
and  Habilities,  and  not  present  them  in  a  more  unfavorable  hght 
than  we  were  obliged,  in  truth,  to  do.  A  more  particular  ex- 
pression of  oiu'  views  upon  many  of  the  foregoing  subjects  could 
not,  perhaps,  be  given,  without  exposing  us  to  the  charge  of 
unnecessarily  depreciating  the  property  of  other  parties,  or  inju- 
riously affecting  the  interests  of  the  Company  in  disputed  matters. 
We  have  avoided  making  any  statements  which  could  have  this 
effect. 


33 


Prospects  of  the  Company. 

When  we  regard  the  large  business  legitimately  belonging  to 
the  Boston  and  jNIaine  Eailroad,  its  great  local  resources,  the 
many  hues  of  road  and  connections  tributary  to  it,  the  never- 
failing  increase  which  we  may  rely  upon,  aiising  from  the 
continual  development  of  our  country,  and  remember  all  the 
manuftictures,  agricultm-al  products,  and  commercial  inter- 
changes which  abound  in  the  region  tlu'ough  wliich  our  Road 
passes,  and  which  must  find  thcii'  conveyance  over  it,  we  cannot 
doubt  that  our  Road  is  unsiu-passed  by  any  other  line  termi- 
nating in  Boston,  in  power  to  afford  rich  retui-ns  to  its  owTiers. 
If  the  Boston  and  Maine  Railroad  cannot  be  made  a  safe  and 
profitable  stock,  then  raiboad  propert)^  in  New  England  is 
worthless.  We  beheve  it  to  be  good  property,  and  that  it  can 
be  made  largely  productive  in  net  income,  pay  hberal  dividends 
to  its  Stockholders,  and  be  placed  at  the  head  of  the  hst  of  the 
stocks  in  the  market,  if  its  affaii-s  ai-e  managed  judiciously. 
But  it  is  idle  for  us,  while  seeing  in  the  clearest  hght  the  in- 
trinsic merits  of  ovir  Road,  to  shut  our  eyes  to  the  true  present 
position  of  its  concerns.  No  candid  mind  can  escape  the  con- 
viction, after  examining  the  history  of  the  Company,  that  serious 
mistakes  have  been  made  in  its  management — that  of  late  years 
counsels  of  prudence  have  not  been  regarded  as  they  were  by 
the  earher  managers  of  the  property — and  that  our  very  abun- 
dance of  resoiuxes  has,  perhaps,  made  us  forgetful  of  the  neces- 
sity of  a  watchfal  guard  against  umiecessary  expenditures. 

To  regain  oiu-  position,  retrenchment  of  expenses  is  abso- 
lutely required.  If  subordinate  officers  of  the  Corporation 
cannot  curtail  the  expenses  of  their  several  departments,  others 
should  be  substituted  who  will.  We  must  not  extend  our 
improvements  beyond  the  limit  necessary  for  economical  man- 
agement. We  must  keep  up  the  efficiency  of  om-  Road,  but 
we  must  do  it  at  the  smallest  outlay.  While  doing  what  we 
can  afford,  to  cherish  fr-iendly  relations  with  connecting  roads, 
we  must  not,  to  secure  or  accommodate  theh  business,  make 
expenditures  which,  in  our  present  conchtion,  are  beyond  our 
meaias  ;  and  wc  must  be  careful  lest  such  connections  are  made 


34 

oppressive  ratlier  than  beneficial  to  us.  We  must  obtain  a  fail* 
recompense  for  the  ser\dce  the  Eoad  renders.  Where  competi- 
tion exists,  we  necessarily  receive  less  than  we  do  when  we 
have  the  monopoly  of  the  business ;  yet  we  should  be  careful, 
in  our  haste  to  get  business,  that  we  do  not  perform  it  for  less 
than  the  cost  of  doing  it. 

We  repeat  our  entire  confidence  in  the  unsurpassed  value  of 
our  property,  if  it  is  placed  under  good  management. 

Conclusion. 

The  undersigned  regret  the  necessity  of  being  obhged  to 
present  to  you  this  statement  of  your  property.  Entertaiiung 
our  opinions,  it  "will  be  evident  to  the  reader  we  could  not  coin-- 
aide  with  the  Report  made  to  you  by  order  of  oiu*  associates. 
We  have  not  thought  it  necessary  to  review  in  detail  all  our 
objections  to  that  Report.  It  seems  to  us  sufficient  to  have  m- 
formed  you  of  our  views  of  the  financial  position  of  the  Road, 
and  to  have  put  you  in  possession  of  facts  relatmg  to  important 
subjects. 

We  may  be  excused  for  adding,  that,  ha\dng  been  selected  to 
serve  you  in  an  important  and  honorable  trust,  we  have  endeav- 
ored to  perform  the  duties  imposed  upon  us  to  the  best  of  oxu* 
abihty,  with  no  object  in  \iew  but  the  advancement  of  your 
interests,  and  deshing  no  other  reward  than  yoiu*  approbation. 

All  wliich  is  respectfully  submitted. 

FRANCIS  B.  HAYES, 
ANDREW  PEIRCE,  Jr., 
WILLIAM  J.  WALKER, 
HENRY  L.  WILLIAMS, 

Directors  of  Boston  and  Maine  R.  Ri 

Boston,  Sept.  1,  1856. 


APPENDIX. 


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SCHEDULE  No.  2. 

Statement  of  amount  paid  for  Labor  hy  the  Boston  and  Maine  Railroad, 
from  Jane  1st,  1855,  to  May  d\st,  1856,  inclusive. 


Conductors. 

Gatemen. 

Aniotmt  forward,            $54,876.57 

1855. 

Men. 

Days. 

1855. 

Men. 

Days. 

June, 

19 

519 

$1,031.65 

June, 

13 

325 

$293.16 

July, 

20 

520 

1,021.65 

July, 

16 

398 

326.66 

Aug. 

20 

513^ 

973.50 

Aug. 

16 

456i 

347.21 

Sept. 

21 

538 

1,126.65 

Sept. 

14 

337i 

300.83 

Oct. 

19 

513 

991.65 

Oct. 

14 

365.^ 

311.00 

Nov. 

20 

520 

1,031.66 

Nov. 

14 

353 

307.97 

Dec. 

21 

527 

1,043.74 

Dec. 

15 

356 

311.30 

1856. 

1856. 

Jan. 

20 

o40 

1,036.65 

Jan. 

15 

522^ 

379.00 

Feb. 

20 

500 

1,036.65 

Feb. 

14 

337^ 

298.33 

March, 

19 

494 

991.65 

March, 

14 

351 

306.16 

April, 

20 

533 

1,059.15 

April, 

15 

367 

323.16 

May, 

19 

513 

976.65 

May, 

15 

365^ 

307.78 

238 

6,230i 

$12,321.25 

175 

4,535 

3,812.56 

Engineers  and  Firemen. 

Signal 

-men. 

1855. 

Men. 

Days. 

1855. 

Men. 

Days. 

June, 

51 

1,274 

$2,232.65 

June, 

5 

103i 

$105.25 

July, 

54 

1,266 

2,226.89 

July, 

5 

77 

83.07 

Aug. 

56 

1,485 

2,228.16 

Aug. 

4 

81 

76.75 

Sept. 

53 

1,233 

2,233.30 

Sept. 

6 

128i 

143.12 

Oct. 

51 

1,272 

2,106.62 

Oct. 

3 

67i 

75.50 

Nov. 

50 

1,252 

2,159.96 

Nov. 

4 

170 

131.00 

Dec. 

50 

1,272 

2,201.11 

Dec. 

3 

65 

76.00 

1856. 

1856. 

Jan. 

51 

1,327 

2,254.13 

Jan. 

3 

67i 

84.50 

Feb. 

51 

1,214 

2,219.90 

Feb. 

3 

62^ 

82.50 

March, 

51 

1,581 

2,298.23 

March, 

3 

65 

83.50 

April, 

51 

1,294 

2,297.42 

April, 

4 

65 

75.50 

May, 

51 
620 

1,356 

2,274.42 

26,732.79 

May, 

5 

48 

173i 
1,126 

143.00 

15,826 

1,159.69 

Brakemex. 

Watchmen. 

1855. 

Men. 

Days. 

1855. 

Men. 

Days. 

June, 

26 

632 

$815.88 

Jiuie, 

18 

532 

$539.00 

July, 

32 

778i 

887.29 

July, 

20 

559^ 

566. 2tl 

Aug. 

30 

765 

971.73 

Aug. 

19 

561 

566.70 

Sept. 

31 

765 

984.90 

Sept. 

18 

512^ 

513.25 

Oct. 

24 

583i 

731.82 

Oct. 

16 

484 

478.20 

Nov. 

28 

607 

788.33 

Nov. 

17 

473 

474.00 

Dec. 

26 

643 

862.51 

Dec. 

17 

489^ 

491.70 

1856. 

1856. 

Jan. 

22 

703 

762.27 

Jan. 

25 

597i 

580.27 

Feb. 

20 

500 

702.50 

Feb. 

16 

428i 

453.30 

March 

20 

516 

691.84 

March 

17 

480i 

491.70 

April, 

23 

503 

667.19 

April, 

17 

462 

486.43 

May, 

22 
304 

572i 

731.42 

May, 

18 
218 

46U 
6,0414 

476.70 

7,568^ 

9,597.68 

6,117.45 

Switchmen. 

Bagga 

Se-men. 

1855. 

Men. 

Days. 

1855. 

Men. 

Days. 

June, 

22 

542 

$588.97 

June, 

23 

593i 

$803.46 

July, 

30 

479^ 

509.12 

July, 

26 

6274 

837.86 

Aug. 

21 

596 

576.87 

Aug. 

23 

566 

741.50 

Sept. 

22 

532| 

479.33 

Sept. 

24 

567 

787.98 

Oct. 

20 

530 

521.06 

Oct. 

27 

667 

860.62 

Nov. 

19 

47li 

469.00 

Nov. 

26 

625i 

852.33 

Dec. 

19 

469i 

483.59 

Dec. 

24 

596 

812.91 

1856. 

1856. 

Jan. 

21 

534 

516.62 

Jan. 

26 

625 

804.40 

Feb. 

21 

502i 

519.62 

Feb. 

25 

598 

816.50 

March 

,    22 

537i 

515.63 

March 

,    25 

638' 

840.06 

April, 

20 

498 

498.00 

April, 

24 

585 

760,00 

May, 

22 

249 

mint  fc 

560 

547.04 

May,       24 

296 
1      Amotintf 

645i 

806.79 

6,2521 
rricard. 

6,224.85 

7,3335 
orward, 

9,724.41 

Am 

$54,876.57 

$75,690.68 

39 


Amount  forward, 

Station  Agents. 


$75,690.68 


1855. 

June, 

July, 

Aug. 

Sci)t. 

Oct. 

Nov. 

Dec. 

1856. 

Jan. 

Feb. 

March, 

April, 

May, 


Men. 
42 
39 
41 
4(5 
44 
4G 
4o 

4G 
44 
,31 

47 
47 


Bays. 
1,123 
1,0()1 
1,181)^ 

1, ;;;;.; 

1,231 
1,183 
1,161 

1,242 
1,092 
1,316 
1,140 
l,29o 


U,3.30. 
1,373. 
1,380. 
1,431, 
l,37;i. 
1,441, 
1,399, 

1,384, 
l,38o, 
1,444, 
1,424, 
1,440, 


541 

14,368f^ 

Engine  Shop,  Boston 

1855. 

Men. 

Davs. 

June, 

40 

95"8.i 

$1,595.72 

July, 

42 

908^ 

1,541.80 

Aug. 

44 

987|- 
94l| 

1,621.81 

Sept. 

42 

1,565.96 

Oct. 

42 

l,054i 
1,008| 

1,748.12 

Nov. 

42 

1,687.11 

Dec. 

38 

958 

1,617.93 

1856. 

Jan. 

38 

1,001 

1,690.17 

Feb. 

39 

9311 

1,583.16 

March, 

39 

1,0105 

1,711.59 

April, 

39 

951 

1,623.66 

May, 

38 
483 

968.^ 

1,600.96 

11,679.^ 

Cak  Shop,  Lawrence 

1855. 

Men. 

Days. 

June, 

55 

1,340| 

$1,922.14 

July, 

56 

1,1675 

1,681.10 

Aug. 

54 

l,259i 

1,816.64 

Sept. 

58 

l,229.i 

1,768.17 

Oct. 

55 

1,318 

1,897.48 

Nov. 

51 

l,194i 

1,737.18 

Dec. 

49 

1,234 

1,720.50 

18.56. 

Jan. 

48 

1,264 

1,758.62 

Feb. 

48 

l,164i 

1,628.55 

March 

50 

.   1,134^ 

1,580.77 

April, 

49 

1,124| 

1,659.94 

May, 

51 

l,204i 

1,751.86 

624 

14,635i 

Laborers  and  Employees,  Mis- 

cellaneous. 

1855. 

Men. 

Day.s. 

June, 

21 

498 

$670.42 

July, 

22 

511i 

626.52 

Aug. 

26 

604 

761.08 

Sept. 

25 

577 

745.12 

Oct. 

24 

57?^ 

766.92 

Nov. 

22 

509i 

669.61 

Dec. 

17 

426 

570.10 

1856. 

Jan. 

18 

420 

569.53 

Feb. 

19 

410i 

580.09' 

March 

20 

4875 

€75.87 

April, 

17 

399.i 

55G  49 

May, 

15 

389.| 

533.91 

246        5,S10:i 
Amotmf  forward, 


16,830.63 


Amount  forward, 
Wood  and  Water  in  Boston. 


$140,757.91 


19,587.99 


20,922.95 


(25.66 


1855. 

June, 

July, 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 

1856. 

Jan. 

Feb. 


Men. 
32 
31 
28 
29 
27 
28 
26 

26 
24 


March,  24 
April,  26 
May,       28 


Days. 

773^ 

737a 

743-1 

684 

694^ 

696.i 

657^ 

719i 
594i 
611.^ 

587 
69U 


.32 

825.44 
779.33 
762.57 
760.14 
770.33 
734.14 

789.79 
668.14 
685.08 
661.46 
823.43 


329        8,190 
Wood  and  Water  not  in  Bostoni 


1855. 
June, 

Men. 
46 

July, 
Aug. 

31 

27 

Sept. 
Oct. 

28 
28 

Nov. 

31 

Dec. 

26 

1856. 
Jan. 

23 

Feb. 

23 

March, 

24 

April, 
May, 

24 
21 

332 

Freight  at 
1855.   Men. 


June, 

114 

July, 
Aug. 

90 
91 

Sept. 
Oct. 

96 
125 

Nov. 

106 

Dec. 

103 

18.56. 
Jan. 

94 

Feb. 

91 

March 

,   99 

April, 
May, 

101 
110 

Days. 

777 

6751 

727i 

68I4 

738 

675i 

658| 

594i 
5815 
598i 
618i 
560i 

7,886i 

Boston. 
Days. 
2,347 
2,123;^ 
2,3605 
2,338^ 
2,666 
2,487i 
2,330i 

2,210 

2,183 

2,338 

2,426^ 

2,437i 


$794.49 
712.75 
774.85 
731.83 
798.57 
768.38 
706.28 

661.26 
641.00 
655.90 
678.28 
616.81 


$3,098.33 
2,871.62 
3,135.17 
3,125.16 
3,462.83 
3,264.83 
3,075.83 

2,847.09 
2,754.93 
2,845.43 
2,979.25 
3,067.28 


1,220      28,248i 
Freight  not  in  Boston. 


1855. 

June, 

July, 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 

1856. 

Jan. 

Feb. 

March, 

April, 

May, 


Men. 
20 
12 
12 
11 
10 
10 
9 

10 


10 


Days. 

327i 

293i 

281 

237i 

257i^ 

214 

221 

218.^ 

171i 

169 

182 

248.-^ 


$381.00 
342.63 
310.72 
283.12 
293.09 
249.36 
260.50 

245.24 
197.60 
192.62 
218.00 
275.78 


128        2,821 


9,122.17 


8,540.40 


36,527.75 


,757.91  j      Amount  forward, 


3,219.66 
S198,197.89 


40 


Amount  fortcard, 

$198,197.89 

Repairs 

OP  Road — (^Smith.) — continued. 

Repairs 

OF  E.OAD — /^Sj 

•nitk.J 

1856.  Sec. 

Men. 

Days. 

1855.  Sec. 

Men. 

Days. 

■"  Aiyiounis 

$208,586.2 

June,  1 

4 

94^ 

$155.71 

fo)-ivard, 

44 

983  $ 

L, 254.45 

2 

3 

78 

93.17 

Sept.  10 

3 

78i 

94.89 

3 

11 

220i 

278.17 

11 

3 

76i 

93.27 

4 

14 

320i 

389.59 

12 

3 

77h 

94.88 

5 

5 

106i 

122.04 

13 

15 

337 

359.02 

6 

8 

181^ 

203.52 

14 

34 

6074 

680.05 

7 

5 

1051 

122.02 

15 

4 

102 

130.89 

8 

5 

1051 

122.02 

16 

3 

55 

68.24 

9 

;r 

105^ 

122.02 
122.02 

10 

5 

1051 

109 

2,317 

2,775.6 

11 

4 

825 

97.87 

Oct.  1 

9 

214i 

294.50 

12 

15 

300i 

363.01 

2 

8 

186^ 

220.67 

13 

4 

831 

98.96 

3 

2 

54 

65.25 

14 

10 

2151 

262.80 

4 

5 

112 

128.58 

15 

13 

2091 

270.47 

5 

5 

112 

128.58 

16 

4 

83| 

98.96 

6 

7 

5 

112 

128.58 

4 

112 

128.58 

115  2,399| 

2,922.35 

8 

13 

3091 

410.34 

July,  1 

4 

127 

193.52 

9 

5 

105 

121.00 

2 

9 

228i 

284.91 

10 

5 

112i 

128.60 

3 

19 

339 

387.19 

11 

4 

111 

127.25 

4 

6 

152 

184.18 

12 

5 

112 

128.58 

5 

6 

152 

184.18 

13 

14 

274i 

337.17 

6 

Ik 

185i 

208.49 

14 

5 

112 

128.58 

7 

28i 

624 

779.24 

15 

5 

112 

128.58 

8 

6 

152 

184.18 

16 

6 

129^ 

154.20 

9 

5 

152 

161.25 
184.18 

10 

6 

152 

100  . 

2,281 

2,759.0 

11 

7 

152 

184.18 

Nov.  1 

4 

104 

166.01 

12 

9 

244 

303.04 

2 

3 

78 

93.17 

13 

7 

152 

184.18 

3 

2 

52 

62.84 

14 

7 

159i 

192.57 

4 

4 

92i 

110.10 

15 

5 

152 

161.27 

5 

4 

92i 

110.10 

16 

6 

152 

161.27 

6 

4 

92i 

110.10 

7 

4 

92^ 

110.10 

139  ', 

5,275i 

3,937.83 

8 

9 

2031 

252.68 

Aug.  1 

lOi 

266i 

346.02 

9 

9 

209i 

233.10 

2 

20^ 

486 

599.15 

10 

3 

94 

110.09 

3 

2 

54 

65.25 

11 

4 

92^ 

110.10 

4 

4i 

102 

118.11 

12 

4 

89^ 

106.85 

5 

4i 

107 

123.53 

13 

16 

326 

388.47 

6 

4 

104i 

121.60 

14 

6 

14U 

186.73 

7 

20i 

444i 

652.76 

15 

4 

92i 

110.10 

8 

4i 

107 

123.53 

16 

5 

103i 

126.60 

Q 

1h 

107 

123.53 

10 

168^ 

216.91 

85 

l,9o6h 

2,387.1 

11 

4i 

105 

121.36 

Dec.  1 

oh 

127 

199.99 

12 

4i 

107 

123.53 

2 

4i 

110 

136.90 

13 

4;! 

107 

123.53 

3 

H 

84 

106.57 

14 

4i 

100 

115.53 

4 

3i 

84 

106.57 

15 

25i 

432 

534.33 

5 

H 

84 

106.57 

16 

4 

104 

119.51 

6 

H 

84 

106.57 

7 

3-i 

84 

106.57 

130 

2,902i 

3,528.18 

8 

4 

84.J 

106.57 

Sept.  1 

4 

92 

152.08 

9 

4 

82i 

104.62 

2 

6 

142 

193.29 

10 

H 

84.i 

106.57 

3 

2 

50 

60.41 

11 

3i 

84i 

106.57 

4 

12 

255^ 

805.88 

12 

3i 

79 

101.15 

5 

3 

75 

92.07 

13 

H 

84 

106.57 

6 

4 

78 

94.88 

14 

H 

84 

106.57 

7 

3 

77i 

94.89 

15 

H 

84 

106.57 

8 

7 

Vilh 

169.01 

16 

H 

84 

106.57 

9 

3 

'ioh 

91.94 

1,821.5 

foricard. 

60  1,408 
t  forward, 

44 

983 

,11,254.45 

•1208,586.25 

Amoin 

$218,329.6 

41 


E.EPAIUS  OF  Road — (^Smiih.)- 

Amount  forward, 
1856.     Sec.  Men.     Days. 


-continued. 

$218,329.62 


Repairs  of  Road — (SwuYA,) — continned. 
1856.    Sec.  Men.     Days. 


Jan.      1 

2 

3 
4 
5 
6 
7 
8 
9 

10 
11 
12 
13 
14 
15 
16 


4 
3 

11 
3 
4 
3 
2 
8 
5 
3 
4 
3 
2 
5 
3 

25 


80 
81 
65 
70* 
76i 
70* 
70i 
93 
139i 
71 
81i 
58;^ 
70;^ 
79^ 
70.i 


88  1,391 

Feb.   1  5i  lOOi 

2  4i  97i 

3  4i  73i 

5  44  73^ 

6  44  73i 

7  44  734 

8  44  73i 

9  44  73i 

10  44  73^ 

11  44  73i 

12  44  73^ 

13  44  73^ 

14  44  73.i 

15  44  73i 

16  4j  73i 


$143.84 
96.75 
76.25 
88.09 
94.09 
88.09 
88.09 
110.59 
190.09 
88.17 
99.09 
75.09 
88.09 
97.09 
88.09 
225.59 


168.08 
118.74 
90.65 
90.65 
90.64 
90.64 
90.64 
90.64 
90.64 
90.64 
90.64 
90.64 
90.64 
90.65 
90.65 
90.65 


69 

1,227 

Mar.     1 

3 

78 

137.84 

2 

3 

77 

92.08 

3 

2 

52 

62.84 

4 

3 

64 

78.76 

5 

2 

64 

78.76 

6 

3 

64 

78.76 

7 

2 

64 

78.76 

8 

3 

64 

78.76 

9 

2 

56.^ 

71.17 

10 

3 

57i 

71.55 

11 

2 

64 

78.76 

12 

3 

63 

77.67 

13 

2 

64 

78-76 

14 

3 

64 

78.76 

15 

2 

64 

78.76 

16 

7 

178 

244.76 

45 

1,138 

April,  1 

5^ 

1184 

185.25 

2 

4$ 

101$ 

123.32 

3 

4 

785 

96.75 

4 

n 

79 

96.74 

5 

31 

701 

94.32 

6 

3^ 

78$ 

96.75 

7 

31 

671 

83.57 

8 

121 

2014 

247.10 

9 

4 

7S5 

90.74 

Amounts 
forward, 

464 

881 

$1,120.54 

1,737,09 


1,555.83 


Amounts 
forward, 
Apr.  10 
11 
12 
13 
14 
15 
16 


464  881 


3$ 

4 

3$ 

31 

4 

3S 


72$ 

711 

79 

781 

74$ 

784 

784 


73  1,414$ 

May,  1  6  144.^ 

2  5  118 

3  4  91 

4  4  91 

5  4  884 

6  4  91 

7  4  84 

8  4  91 

9  4  90| 

10  4  91 

11  4  91 

12  4  79 

13  4  904 

14  4  91 

15  4  89 

16  4  91 


$1,120.54 
89.02 
87.40 
96.75 
96.74 
91.91 
96.20 
96.08 


215.93 
143.19 
111,69 
111.69 
109.01 
111.69 
102.60 
111.68 
111.68 
111.69 
111.68 
98.19 
111.68 
111.69 
109.01 
111.69 


$223,089.29 


67  1,5124 
Whole   amount   of  Repairs   by 
Smith,  $28,560.83. 


1,466.75 


1,774,64 


1,894.79 


Repairs 

OP  Road — ( 

Whittier.) 

1855.    Sec 

Men. 

Days. 

June,    1 

9 

2034 

$301.03 

2 

7 

148$ 

185.68 

3 

11 

233$ 

282.07 

4 

8 

175$ 

208.25 

5 

7$ 

175$ 

208.25 

6 

71 

175$ 

208.25 

7 

8$ 

186$ 

220.13 

8 

7$ 

175$ 

208.25 

9 

6$ 

149$ 

180.17 

10 

6$ 

149$ 

180.17 

11 

7$ 

1754 

207.58 

12 

12$ 

2674 

331.20 

13 

12$ 

2644 

327.97 

14 

9$ 
123^ 

224 

260.36 

2,7064 

3,309.36 

July,    1 

5 

145 

256.77 

2 

6 

1644 

217.13 

3 

5 

114 

137.94 

4 

5 

133 

153.73 

5 

5 

1184 

143.91 

6 

6 

148$ 

169.26 

7 

7 

1594 

190.44 

8 

6 

146$ 

167.10 

9 

6 

1084 

123.57 

10 

4 

1024 

117.20 

11 

4 

103 

117.74 

12 

5 

114 

132.81 

13 

4 

97 

111.32 

14 

17 

384 

483.02 

0  501  91 

85    2,0384 
forward. 

Amount 

$232,590.02 

4:2. 


Hepairs  of  Road — (^Whittier,) — continued. 
Amount  forward,  $232,690.02 

Days. 
195^ 


1855 
Au 


Sec. 

1 

2 

3 

4 

6 

6 

7 

8 

9 

10 
11 
12 
13 
14 


Men. 

8 
9 


Repairs  of  Road — {Whittier,) — continued. 


6 
7 
9 
9 
20 


189^ 
192i 
204i 

nih 

188 

200i 

200i 

197i 

loOi 

176 

2271 

217 

5011 


297.26 
226.38 
225.99 
227.68 
198.52 
209.86 
223.11 
225.71 
219.08 
169.36 
196.90 
261.11 
249.54 
645.89 


1 

23 

3,019 

Sept.  1 

6 

128i 

226.60 

2 

4 

105i 

142.36 

3 

4 

100 

116.50 

4 

4 

100 

108.00 

5 

4 

100 

114.25 

6 

5 

127i 

144.20 

7 

5 

126 

143.47 

8 

7 

187i 

239.62 

9 

4 

106 

121.23 

10 

4 

90 

101.70 

11 

4 

100 

114.25 

12 

14 

327i 

417.08 

13 

8 

19 1| 

241.38 

14 

56 
29 

l,227i 

1,395.90 

] 

3,017i 

Oct.  1 

9 

239i 

378.41 

2 

5 

145 

182.80 

3 

5 

116 

139.68 

4 

4 

109 

124.77 

5 

4 

93i 

113.47 

6 

5 

135 

153.12 

7 

5 

130 

146.90 

8 

5 

134 

151.47 

9 

4 

106 

121.10 

10 

4 

108 

123.39 

11 

4 

108 

123.39 

12 

17 

392 

495.48 

13 

4 

108 

123.39 

14 

61 
136 

1,1981 

1,411.89 

3,122f 

Nov.  1 

9 

239i 

410.23 

2 

u 

144 

185.16 

3 

5 

128i 

158.84 

4 

4 

122 

147.65 

5 

13 

326i 

422.85 

6 

9 

207i 

261.23 

7 

6 

135 

164.30 

8 

5 

118i 

134.48 

9 

5 

117 

141.26 

10 

4 

103 

117.74 

11 

4 

102 

116.66 

12 

4 

104 

118.82 

13 

7 

151 

186.36 

14 

67 

1,228| 

1,404.31 

147    3,226| 
Amount  for  ward, 


3,576.39 


3,626.54 


Amount  forward, 
1855.    Sec.    Men.  Days. 


k247,552.10 


3,789.26 


3,969.89 


$247,552.10 


Dec.  1 

20 

467i 

$730.92 

2 

9 

209 

250.63 

3 

7 

loOl 

173.41 

4 

9 

177 

198.89 

5 

16^ 

321 

450.89 

6 

8 

149i 

169.07 

7 

7 

149f 

169.98 

8 

8 

150 

169.74 

9 

7 

150| 

171.07 

10 

8 

151 

171.07 

11 

8 

151 

171.07 

12 

8 

151 

171.07 

13 

7 

150^ 

171.07 

14 

15 

369 

448.19 

] 

2,8971 

3,617.07 

loot). 

Jan.   1 

16 

381^ 

622.84 

2 

3 

86 

108.28 

3 

3 

81 

96.66 

4 

3 

86 

100.81 

5 

3 

81 

94.23 

6 

3 

81 

94.23 

7 

4 

97 

117.77 

8 

3 

87 

103.76 

9 

4 

lOl.i 

122.47 

10 

3 

81 

94.23 

11 

3 

80 

93.15 

12 

4 

97 

116.26 

13 

3 

81 

94.23 

14 

8 

207 

255.49 

63 

1,631 

2,114.41 

Feb.  1 

10 

243 

405.49 

2 

3 

78 

97.50 

3 

5 

114 

144.96 

4 

4 

91 

109.74 

5 

3 

75 

87.25 

6 

3 

73 

84.84 

7 

3 

74 

86.17 

8 

3 

81 

95.78 

9 

3 

74 

86.17 

10 

3 

75 

87.25 

11 

4 

75 

87.25 

12 

3 

75 

87.25 

13 

3 

72 

84.01 

14 

6 

150 

168.25 

56 

1,350 

1,711.91 

Mai-.  1 

11 

254  i 

417,87 

2 

2 

60 

76.64 

3 

4 

88i 

107.44 

4 

3 

IH 

92.56 

5 

3 

794 

92.89 

6 

3 

78.i 

91.82 

7 

4 

83 

107.39 

8 

3 

84 

100.15 

9 

3 

79i 

92.89 

10 

3 

79i 

92.90 

11 

3 

85i 

92.89 

12 

8 

121 

159.59 

13 

3 

79i 

92.89 

14 
Amoin 

6   157i 
59  1,410 
it  forward, 

177.14 

1,795.06 

$256,790.55 

43 


Repairs  of  Hoab— 

Amount  forward, 
1856.    Seci    Men.  Days. 


■(  IVhittier,)- 


-C07itinued. 
$256,790.55 


April,  1 

15 

330.^^ 

2 

12 

2313 

3 

3 

80 

4 

4 

79^ 

5 

4 

80 

G 

3 

G2^ 

t 

5 

S2.\ 

8 

4 

79$ 

9 

5 

71 

10 

3 

791 

11 

4 

82 

12 

3 

79.f 

13 

4 

81 

14 

43 
112 

477$ 

1,903 

May,    1 

lOi 

2711 

2 

n 

175* 

3 

0 

130i 

4 

H 

131i 

5 

iH 

360 

6 

5 

lllr^ 

7 

m 

2381 

8 

4 

103 

9 

4 

103i 

lo- 

H 

104i 

ll 

H 

104.-^ 

12 

5 

103i 

13 

H 

125.* 

14 

44 

9631 

$533.23 

305.94 

97.47 

92.31 

92.96 

73.69 

104.41 

92.65 

83.74 

92.65 

95.12 

92.65 

94.56 

527.02 


429.71 
220.69 
152.15 
149.46 
475.49 
133.56 
306.65 
118.91 
119.57 
120.66 
120.65 
119.58 
144.39 
1,007.11 


130  3,026$ 

"WTiole   amount   of  Repairs  by 
Whittier,  $36,028.81. 

Repairs,  Danvers  Railroad. 


$137.96 
81.80 
81.80 


1855 
June, 

Sec. 
1 
2 
3 

Men. 

7 
5 
5 

Days. 
119i 
671 
671 

17 

255 

July, 

1 
2 
3 

131 
13* 
111 

268 
258 
234 

39 

760 

Aug. 

1 

2 
3 

5 
2 

2 

118 
64 
64 

9 

246 

Sept. 

1 
2 
3 

4 
2 
3 

100 
50 
75 

9 

225 

Oct. 

1 
2 
3 

4 
2 

2 

94 
48 
54 

296.26 
291.95 
270.88 


140.06 
81.74 
81.74 


114.25 
60.25 
93.50 


109.27 
57.09 
65.07 


2,378.40 


Repairs  Danvees  Hailroad — continued. 


3,618.58 


8       196 


Amount  forward. 


301.56 


859.09 


303.54 


268.00 


231.43 


Amount  forward, 
1855.  Sec.  Men.  Days. 
Nov.     1 


Dec. 


1856. 
Jan. 


Feb. 


Mar. 


156 
78 


|!90.74 
90.74 


90.74 
90.74 


6       156 


$264,751.15 


181.48 


181.48 


$264,751.15 


April,  1 

2 

May,    1 


3 
3 

6 
5 

8 

13 
3 
3 

6 
3 
3 

6 
3 


81 

169 
90 

84 

174 
78 
78 

156 

78 
83 

161 

81 
79 

160 


103.84 
94.23 


109.21 
100.68 


90.82 
91.10 


90.82 
99.09 


94.32 
91.65 


"Wbole  amount  of  Repairs  of  Dan- 
vers  Railroad,  $3,292.34. 

Ice  and  Sxow. 

1856.    Men.  Days. 

Jan.      71  416  $497.15 

From 

Leger,    1     22^     22.34 


72  438i 

$519.49 

Feb.    118  370i  413.80 

From 

Leger,    9  216*  216.55 

127  586$ 

6.30.35 

Mar.     94  325|  334.18 

From 

Leger,    7  174     173.93 

101  499| 

508.11 

April, 
From 

Leger,    6  168f 

168.74 

May, 
Law- 

rence,    2       If 

1.75 

Officers  of  the  Corporation-. 

18.55.    June. 
Treas.&Cl'ks,  $291.67 

Sup't,                  208.38 
0  Clerks,             251.66 

$751.66 

198.07 


209.89 


181.92 


189.91 


185.97 


1,828.44 


Amounts  forward,         $751.66    $267,908.31 


44 


Officeks  of  the  Corporation — continued. 


Amounts  forioard, 
1855.    July. 
Treas.&Cl'ks,  $291.67 


Sup't, 

208.33 

President, 

136.12 

5  Clerks, 

251.66 

August. 

Treas.  &  Cl'ks, 

291.67 

Sup't, 

208.33 

5  Clerks, 

251.66 

September. 

Treas.  &  Cl'ks, 

291.67 

Sup't, 

208.33 

Boston,  5  Cl'ks 

251.66 

October. 

Treas.&Cl'ks, 

291.67 

Sup't, 

166.67 

5  Clerks, 

251.66 

NoTember. 

Treas.  &  Cl'ks, 

291.67 

Sup't, 

166.67 

President,        1,750.00 

5  Clerks, 

251.66 

December. 

Treas.  &  Cl'ks, 

291.67 

Sup't, 

166.67 

5  Clerks, 

268.33 

1856.     January. 

Treas.  &  Cl'ks, 

291.67 

Sup't, 

166.67 

5  Clerks, 

270.83 

February. 

Treas.  &  Cl'ks, 

291.67 

Sup't, 

166.67 

5  Clerks, 

270.83 

March. 

Treas.  &  Cl'ks, 

291.67 

Sup't, 

166.67 

£  Clerks, 

270.83 

April. 

President, 

875.00 

Treas.  &  Cl'ks, 

291.67 

Sup't, 

166.67 

6  Clerks, 

270.83 

May. 

President, 

875.00 

Treas.&Cl'ks 

291.67 

Sup't, 

166.67 

5  Clerks, 

270.83 

Law  Expenses. 

1855.    June. 

S.  A.Walker, 

$25.00 

S.  Bartlett, 

15.00 

July. 

G.  Minot, 

'300.00 

J.  Quincy, 

25.00 

$751.66    $267,908.31 


887.78 


751.66 


751.66 


710.00 


2,460.00 


726.67 


r29.l7 


729.17 


729.17 


l,G0i.l7 


Law  Expenses. — continued. 

Amounts  forward,  $365.00    $280,343<59 

1855.     August. 
H.  W.  Muzzy,     50.00 
J.H.Wiggin,  1,023.16 

1,073.16 


September. 
G.  Minot, 

747.25 

Wiggin  & 
"NVheeler, 

21.00 

David  ]SIuiTaT, 

3.00 

S,  B.  Perry, 

20.00 

Choate  &  Bell, 

750.00 

October. 
G.W.Kittredge 

,  77.75 

H.  W.  Muzzy, 

150.00 

R.  H.  Blake, 

75.00 

November. 
G.  Minot, 

65.00 

A.  Burlingame, 

150.00 

Thomas  Russell,  150.00 

December. 
A.D.PillsbuiT, 

1856.    January. 
E.  Pickering, 

1.75 

H.  C.  Bacon, 

141.67 

0.  Abbott 

10.59 

C.  P.  Judd, 

204.07 

H.  H.  Hobbs, 

56.23 

March. 

Joel  Parker, 

250.00 

S.  M.  Wheeler, 

124.75 

1,541.25 


302.75 


365.00 
12.69 


414.31 


374.75 


April. 

Wiggin,  !March 

&  Co.,  50.00 

A.  O.  Brewster,  300.00 
A.  O.BreAvster,  300.00 
N.  P.  Brj-ant,  100.00 
G.  Minot,  813.85 

J.  M.  Usher,  100.00 
John  S.  Wells,  340.00 
A.  T.  Swan,  9.54 


2,013.39 


1,604.17 12,435.28 


40.00 


325.00 


Amounts fonrard,  $365.00    $280,343.59 


May. 

N.  P.  BiTant,  150.00 
J.  H.  Cliiford,  50.00 
J.  F.  Clark,  29.65 

C.  P.  Judd,  12.00 

J.  J.  March,  14.74 
U.K. Dana,  Jr.,  250.00 
G.  Minot,  68.00 

N.  P.  Brvant,  250.00 
N.Pvandail,Ag't,902.00 

1,728.39 

Estimate    for    Out- 
standing Bills. 
G.  Mhiot,  Unfinished 
Cases,            2,500.00 
C.  P.  Judd,         300.00 
Choatc&  Bell,  1,050.00 
J.  A.  Andrew, 
Bry.int, Derby 
&  Holmes,  and 
others,  6,150.00-10,000.00 18,190.69 


Amount  for  tear  d, 


$298,534.28 


45 


Amount  forioard,  $298,534.28 

LiTTLK  RivEu  Bridge,  Haverhill. 
1855.    .Inly. 

T.  &  J.  Uoanc,  Surveys,    $22.01 
Sept.  P.  Roll.  Moil.  Days. 

15,378  2G  515i  659.04 

Oct. 

15,576  28  6151  769.78 


"00     Su 


32.97 


Nov. 

15,918  29  667i 

! 

Dec. 

16,174  28  626| 

1856.    Jau. 

36  695i  752.50 

T.    &   J.   Doane, 

Surveys, 

69.27 

Feb. 


802.75 
833.26 
779.54 


821.77 
802.97 


16,624  30  6141 
March. 

16,881  27  599^786.75 
Freight   on   Stone, 

G.  J.  R.  Road,        63.00 

849.75 

April. 

17,194  17  385^527.57 
T.    &    J.   Doaue, 

Surveys,  106.93 

Hauling  Stone,  49.50 

684.00 

May. 

17,379  T.&J.Doano,    26.10 

Stone  Purchased,  $472.00 

Horse  Power. 

1855. 

June.  For  the  month,      $936.00 

July,  "  "  946.50 

Aug.  "  "  972.00 

Sept.  «  "  900.00 

Oct.  "  "  972.00 

Nov.  "  "  936.00 

Dec.  "  "  936.00 

1856. 

Jan.  "  "  972.00 

Feb.  "  "  900.00 

Mar.  "  "  936.00 

April,  "  "  936.00 

May,  <«  "  19.00 


On  Mails 

1855. 

July.  To  and  fr 

Dm  P.O. 

,$201.25 

Aug. 

(( 

" 

15.00 

Sept. 
Oct. 

It 

" 

57.50 
6.25 

Nov. 

<< 

<< 

60.00 

Dec. 

<« 

K 

6.00 

1856. 
Jan. 

„ 

i, 

433.75 

Feb. 

" 

" 

37.50 

Mar. 

«' 

<< 

55.00 

April, 
May, 

" 

" 

162.50 
30.00 

6,281.19 


10,361.50 


Amount  forward, 

On  Rents. 

1855. 

July.  Papering  &  painting 

$1.44 

Aug.            «♦ 

" 

6.00 

Oct. 

<' 

13.57 

Nov.           " 

»< 

5.13 

1856. 

May, 

" 

7.34 

On  Iron  Rails. 

1865. 

Dec.  Labor, 

re-rolling,  $1 

563.86 

1856. 

Jan.           « 

■weighing. 

19.62 

Feb. 

re-rolling, 

306.20 

April.     Wei 

ghing     and 

re 

-rolling,        1,314.49 

$316,241.72 


Engineering  and  Surveys. 

1855. 

June.  T.  &  J.  Doane,       $134.09 

July,  "  "  11.38 

Oct.  »'  "  520.77 

Dec.  "  "  32.00 

1856.    January. 

S.  S.Hartford,  $3.19 

T.  &  J.  Doane,  971.37 


April, 
May, 


-974.56 
476.55 
286.73 


Engineering  is  also  in  Ha- 
verhill Bridge  account,    231.18 

Ditto    in    Charles    River 

Bridge  account,  879.77 


Amount  forioard, 


1,064.75 
5316,241.72 


33.48 


3,204.17 


2,436.08 


$1,110.95 

Total 

Eng.  and  Surv., 

$3547.03 

On  Stations, 

Mass. 

1855. 

June. 

Paid  for  Labor, 

$42.43 

July, 

" 

31.68 

Aug. 

" 

" 

64.43 

Sept. 

" 

(< 

3.00 

Oct. 

<( 

(( 

4.90 

Nov. 

K 

t< 

150.62 

Dec. 

t( 

t< 

1.25 

1856. 

Jan. 

(< 

<( 

421.53 

Feb. 

<( 

<> 

36.29 

Mar. 

<< 

K 

104.05 

April, 

<( 

" 

44.38 

May, 

" 

" 

121.08 

1,025.64 

On  Stations, 

NewH 

IMPSHIRE. 

1855. 

June, 

Sundry 

Bills, 

$39.59 

Aug. 

" 

" 

45.93 

Sept. 

(< 

" 

13.37 

Oct. 

" 

K 

52.10 

Nov. 

" 

<' 

132.86 

Dec. 

<< 

•  < 

48.17 

1856. 

Jan. 

<( 

(( 

11.15 

Feb. 

" 

" 

404.60 

May, 

« 

" 

54.11 

Amount  forward. 

801.88 

$323,742.97 

46 


Amount  forward,  $323,742.97 

Repairs,  Bridges,  Mass. 
1855. 

June,   Suncliy  Bills,  $  8.50 

Aug.         "           "  2.99 

Oct.          "           "  46.00 

Nov.          "           "  33.75 

1856.  Jan."           "  5.70 

March,      "           "  107.00 

April,       "           "  68.50 


Repairs,  Bridges,  New  Hampshire. 

1855. 

June,  Sundi-y  Bills,  $     .75 

Oct.  "           "  10.00 

1856. 

Feb.  "           "  143.13 

May,  "           "  1.00 

Repairs,  Bridges,  Maine. 

1855. 

Nov.    HauKng  gravel. 

Repairs,  Fences,  Mass. 

1855. 

Aug.    H.  Cvmningham, 

Repairs,  Fences,  New  Hampshire. 

1855. 

Sept.    Sundry  Bills,  $  1.00 

Nov.          "           "  2.50 

1856.  Jan."           "  48.75 

Repairs,  Road,  Mass. 
1855. 

June,  Sundry  Bills,  $  6.24 

July,         "           "  1.75 

Aug.          "           "  150.86 

Sept.         "           "  6.88 

Oct.           "           "  76.58 

Nov.          "           "  37.50 

1856.  Jan."           "  38.84 

Feb.           »           "  17.50 

April,        "           "  23.75 

May,         "           "  33.75 


272.44 


154.88 


3.00 


8.64 


52.25 


393.65 


Repairs,  Road,  New  Hampshire. 

1855. 

July,    Sundry  Bills, 

Aug. 


Sept. 
Oct. 

Nov. 
Dec. 

1856. 

April, 

May, 


On  Freight  Department 

1855. 

June,   Sundry  bills,  $ 

July,         "  " 


$18.75 
11.50 
52.50 
16.00 
.58 
63.00 


1.00 
3.50 


156.83 


Aug 

Sept 

Nov. 

Dec. 

1856. Jan 

Feb. 

April, 

May, 


Amouni  Jurward, 


13.50 
19.63 
52.73 
15.00 
53.74 
18.12 
112.02 
47.36 
64.00 
25.92 


422.02 


$325,206.68 


Amount  foricard, 

On  Passenger  Department. 

1855. 

June,   Sundry 

Bills, 

$105.21 

July,         " 

" 

30.20 

Aug. 

" 

13.97 

Sept. 

(< 

.67 

Oct. 

(< 

6.00 

Nov.          " 

" 

2.00 

Dec.          " 

" 

8.50 

1856. Jan." 

«' 

2.82 

Feb. 

(( 

7.35 

March,      " 

<< 

42.13 

April,        " 

" 

72.74 

May,         " 

" 

9.25 

On  Wood  and 

Water. 

1855. 

June,  Sundry 

Bills, 

$16.50 

July,         " 

(< 

30.20 

Aug. 

(( 

219.40 

Sept.         " 

" 

24.25 

Oct. 

" 

214.25 

Nov.          " 

<< 

254.98 

Dec. 

i( 

239.06 

1856. Jan." 

« 

106.00 

Feb. 

" 

117.30 

March,      " 

<< 

64.67 

April,        " 

(( 

61.68 

May,         " 

PER  BriD 

74.69 

On  Mystic  Rr 

GE. 

1855. 

Oct.     For  Labor, 

$3.75 

Nov.      "        " 

27.18 

$325,206.68 


On  Stations  in  Maine. 

1855.  Nov.  Labor, 

On  Charles  Rrv'ER  Bridge* 

1855.  June. 

T.  &  J.  Doane,  Surveys,  $253.02 
Oct. 

"  "        "         "  $273.96 
BLxby&  Co.,  Labor,  185.00 

458.96 

Nov. 

"   "    "        "        348.25 
E.    R.   Robinson, 

Commissioner,       270.00 

618.25 

Dec. 

E.  R.  Robinson,  Com'r,      120.00 

1856.  .Ian. 

T.    &   J.    Do;me, 

Surveys,  338,12 

E.  R.  Robinson,        215.00 


-553, 
135, 
125. 
130. 


300.84 


1,422.98 

—    30.93 
8.62 


Feb. 

((  << 

Mar. 

((  (I 

Apr. 

May. 

130.00 
G.  Hall,  Surveying,  14.67 
E.  R.  Robmson,  '  135.00 
D.    &   Lcnnon, 

Filling  up,  429.02 

708.09 3,102.04 


Amount  forward, 


$330,072.09 


47 


Amount  forward, 

$1 

530,072.09 

CoxTRACT  with 

L.  A.  Koby, 

$4,683.75 

B.  Eastman, 

1,472.08 

"W.  Pope  &  Sons, 

1,714.23 

B.  Bixbv  &  Co., 

3,080.50 

W.  M.  Rogers, 

3,738.56 

"    "         " 

1,029.32 

15,718.44 
Repairs  on  Cars. 
1855.     June. 

Portland,  Saco,  and  Portsmouth 
Raihroad, 


GENERAL  EXPENSES. 
AuDiTixG  Accounts. 

1855.  August. 

J.  S.  Eaton,         $  75.00 

September. 

J.  L.  Coffin,  150.00 

1856.  April. 

B.  S.  Sherbiim,      56.36 

J.  Fran's  Kimball,  110.00 

Mav. 

J.Fran's  Kimball,  100.00 

$491.36 

Copying. 

1856.    April. 

G.  M.  Clark,        $25.00 

May. 

G.  M.  Clark,  25.00 

50.00 


Committee  of 

Inyesti- 

gatiox. 

1855.    October. 

C. 

p.  Judd, 

$170.00 

C 

L.  Woodbnn-,  310.00 

John  Flint, 

170.00 

J. 

McDuffee, 

172.00 

P 

T.  Homer, 

175.40 

Printing  Report,  350.00 


1,347.40 


92.32 


Amounts  forward,         $1,881.76  $330,164.41 


General  Expenses, — continued. 

Amounts  forward,         $1,881.76  $330,164.41 
Services  on  Committees. 

1855.  September. 
Sise,    Osborn   & 

Sanborn,  .$18.30 

December. 
J.  X.  Cunningham,  30.00 

1856.  January. 

P.  AV.  Chaiidler,     15.00 
C.  Hopkinson,       200.00 

—     263.30 


Miscellaneous. 
L.Eames,  Extra,  $50.00 

1855.  August. 
Directors  on  Ex- 
cursion, 11.00 

Superintendents' 

Association,         50.00 

September. 

Paj-ing  off  Help,     10.21 

October. 

T.  S.  WiUiams, 

Sundries,  23.00 

December. 

Directors  at  Law- 
rence, 6.90 

1856.  January. 
County   Commis- 
sioners, 90.00 

G.  S.  Hale,  taking 

Deposition,  7.50 

G.  W.  Nott,  Ex- 
perimenting,     210.00 

Alex. "Wads-worth,    5.00 

P.  "SV.  Si^rague,  on 

Location,  50.00 

February. 

Recording  at  Do- 
ver, 25.00 

May. 

Paj-ing  ofF  Help,     10.25 

S.  W.  Dearborn, 
Report, 


33.40—582.26- 


2,734.32 

$332,898.73 


t.T 


48 


Statement  of  the  Number  of  3Ian,  Number  of  Days,  and  Cost  of 
of  all  the  Employees  on  the  Road  for  the  year  ending  May  olst, 
1856,  inclusive. 


Occupation. 


Conductors,  . 

Engineers  and  Firemen, 

Brakemen,    . 

S-witchmen,  . 

Gatemen, 

Signal-Men, 

Watchmen,  . 

Baggage-Men, 

Station  Agents, 

Engine  Shop,  Boston, 

Car  Shop,  La-«Tence, 

Laborers,  Miscellaneous, 

Wood  and  Water,  Boston,    . 

Wood  and  AVater  out  of  Boston, 

Freight,  Boston,    • 

Freight  out  of  Boston,  . 

Repairs  of  Road,  (Smith,)     . 

Repairs  of  Road,  ("WToittier,) 

Repairs,  Danvers  Railroad,    . 

Ice  and  Snow, 

Bridge  at  Haverhill, 

Total, 


No.  of 
Men. 


238 
620 
304 
249 
175 
48 
218 
296 
541 
483 
624 
246 
329 
332 
1,220 
128 
1,080 
1,301 
131 
308 
221 


9,092 


No.  of  Days. 


6,230i 
15,826 
7,o68i 
6,252| 
4,535 
1,126 
6,04U 

14,368| 

ll,679i 

14,635i 

5,810:1 

8,190 

7,8864 

28,248| 

2,821 
23,2221 
29,349 
2,814 
l,695i 
4,619* 


Amount. 


12,321.25 

26,732.79 

9,597.68 

6,224.85 

3,812.56 

1,159.69 

6,117.45 

9,724.41 

16,830.63 

19,587.99 

20,922.95 

7,725.66 

9,122.17 

8,540.40 

36,527.75 

3,249.66 

28,560.83 

36,028.81 

3,292.34 

1,828.44 

5,911.41 


210,253|-     1    $273,819.72 


$34.07|. 
1.30. 


Equal  to  8,035^  men,  1  month  each. 

Average  per  month, 

Average  per  day. 
Equal  to  671  men  every  -working  day  ia  the  year. 

This  includes  all  persons  employed  by  the  Corporation,  excepting  those  in 
the  Offices  in  Hayniarket  Square  Buildiiig,  who  are  given  below. 


President,  ....._ 

Deduct  for  amount  due  to  Jiuie  1,  1855, 


Statement  of  Amount  paid  Salaries  of  Fresident,  Treasurer  and  2  Clerks,  Su- 
perintendent  and  5  Clerks,  for  the  Year  ending  May  'ilst,  1856,  inclusive,  viz: 

-      $3,636.12 
136.12 

3,500.00 
3,500.00 
5,299.12 

$12,299.12 


Treasurer  and  Clerks, 
Superintendent  and  Clerks, 


RECAPITULATION. 

Men. 
Employees,  as  above,  -  -  -  -  9,092 
President,  Treasurer,  Sup't,  and  their  Clerks,        10 


Days. 
210,2531 
3,130 


Amount. 
|!273,8 19.72 
12,299.12 


Total,  ■ 


9,102       213,383^       $286,118.84 

Equal  to  8207  men  one  month,  (26  days)  each,  or 
"       "     681     "     everj'  Avorking  day  in  the  year. 
Average  wages  per  month,  $35.08. 
"  "       "    day,  1.34. 


49 


SCHEDULE  No.  3. 

Comparative  Statement  of  Expense  per  Ton,  of  Handling  Freight  re- 
ceived at  and  sent  from  Boston  Station,  for  Six  Months,  in  \  855, 
and  the  Six  corresponding  Months,  in  1856. 


Date. 

No.  Tons. 

Amount 

Cost 

Date. 

No.  Tons. 

Amount      1     Cost   - 

Pay  Roll. 

per  Ton. 

Pay  Roll. 

per  Ton. 

1855. 

t 

Cents. 

1856. 

Cents. 

Jan. 

11,167    2,997.13 

9rt  83 

Jan. 

15,675 

2,704.77  j  17.25 

Feb. 

10,245    2,692.78 

26.28 

Feb. 

15,307 

2,584.61116.88 

March, 

17,341     3,048.74 

17.58 

March, 

17,753 

2,697.31 1  15.19 

April, 

16,139    2,919.64 

18.09 

i  April, 

21,715 

2,815.03   12.96 

May, 

20,301     3,221.15 

15.86 

May, 

22,044 

2,847.91    12.91 

June, 

17,797    3,203.33 

18.00 

June, 

20,771 

2,718.55 

13.08 

92,990 

18,082.77 

19.45 

113,265 

16,368.18 

14.43 

Total  increase   of  Tonnage,  20,275  Tons  over  corresponding  6  mos. 
Decrease  of  Cost  per  Ton,     27  per  cent.      "  "  " 

«         "   Total  Expense,  $1,714.59         «  «  « 


SCHEDULE  No.  4. 


Comparative  Statement  of  the  Freight  Earnings  and  Tonnage  of  the 
Boston  and  Maine  Railroad,  for  the  year  ending  June  1st,  1855, 
and  June  1st,  1856. 

1855.     Total  Freight  Earnings,  -         -         - 
"  "  "        Tonnage,    - 


1856.     Total  Freight  Earnings,  ...  - 

"            "           "       Tonnage,    -         -         t  - 
Increase  of  Earnings,  1856,  over  1855, 

"         "    Tonnage,      "         «        «              .  . 
Difference  between  the  increase  of  Earnings  over 

increase  of  Tonnage,  1856,       -         -         -.  t 
7 


$274,200.64 
243,706  tons. 

$328,256.21 
263,827  tons. 
$54,055.57 
20,121  tons. 

$31,419.57 


50 


SCHEDULE  No.  5. 

Statement  of  Danvers  Railroad  husiness  for  the  year  ending 
June  1,  1856. 

Passengers.  Freight.  Total. 

Earnings  on  the  Darners  R.E.     $9,897.90       $6,334.31     $16,232.21 
"         to  and  from  "       "         11,820.58         7,273.47       19,094.05 


$21,718.48     $13,607.78     $35,326.26 


Paid  Eastern  R.  E.  of  the  above 
from  Earnings  on  the  D.  R.  R.    $3,106.95       $1,575.58       $4,682.53 
«  "  to  and  from"         3,444.50         1,887.78         5,332.28 


$6,551.45       $3,463.36     $10,014.81 

Miles  run 
On  the  Danvers  Raih'oad,      ------         25,471 

To  and  from "  "  (estimate,)     -         -         -         -         28,300 

53,771 


Cost  of  operating  and  maintaining  Boston  and  Maine  Railroad, 
including  branches  and  Danvers  Railroad,  for  this  year,  is  $1.12^ 
per  mile. 

Note. — The  contract  with  Danvers  Railroad  says  the  expenses 
shall  be  reckoned  as  above. 

Memorandum. — Danvers   Railroad  in   account   loitli   Boston   and 

Maine  Railroad,  Dr. 
To  running  on  your  road  25,471  miles,  at  $1.1 2i,        -       $28,654.87 

Cr. 
By  Passenger  Receipts,  -      $9,897.90 

Less  paid  Eastern  Railroad,        3,106.95 

$6,790.95 


By  Freight  Receipts,     -         -         6,334.31 
Less  paid  Eastern  Railroad,         1,575.58 


4,758.73 


11,549.68 


17,105.19 
Add  Rent  one  year,      * 7,500.00 


Loss  to  Boston  and  Maine  Railroad,  -  -  _  $24,605.19 
if  it  costs  Boston  and  Maine  Railroad  as  much  to  operate  and 
maintain  your  road  as  it  does  to  operate  and  maintain  the  Boston 
and  Maine  Railroad  and  branches,  and  Danvers  Railroad. 


51 

Danvers  liailroad  in  account  with  Boston  and  Maine  Railroad,  Dr. 
Kunuing  to  and  from  your  road  28,300  miles,  at  $1.12^,    $31,837.50 

Cr. 

By  Passenger  Rec'ts  to  and  from,  $11,820.58 
Less  paid  Eastern  Railroad,        3,444.50 


By  Freight  Rec'ts  to  and  from,       7,273.47 
Less  paid  Eastern  Railroad,         1,887.78 


$8,376.08 
5,385.69 


13,761.77 


Loss  to  Boston  and  Maine  Raikoad,     -         -         -         $18,075.73 

Total  loss  to  Boston  and  Maine  Railroad  this  year  is  ($24,605.19 
and  $18,075.73  making)  $42,680.92,  if  it  costs  $1,121  per  mile  to 
run  these  trains  and  maintain  the  roads. 


SCHEDULE  No.  6. 

Extracts  from  Directors'  Records  in  respect  to  Lease  to  Danvers 
Railroad,  and  Loans  to  Danvers  S;  Georgetown  and  Newhuryport 
Railroads. 

May  6,  1853. — At  a  meeting  of  the  Directors  of  the  Boston  and 
Maine  Railroad,  held  at  Boston  on  Friday,  the  sixth  day  of  May,  in 
the  year  eighteen  hundred  and  fifty-three, — 

Present,  the  President  (Southwortli  Shaw)  and  Messrs.  Flint, 
Hayward,  Batchelder,  and  Kittredge, — 

Voted,  That  it  is  desirable  to  make  such  arrangements  with  the 
Danvers  Railroad,  the  Danvers  and  Georgetown  Railroad,  and  the 
Newhuryport  Raih'oad,  as  wiU  secure  to  this  Road  the  traffic  to  and 
from  those  roads,  as  authorized  by  the  Stockholders'  vote  of  Sep- 
tember 8,  1852. 

Voted,  That  the  President  and  Messrs.  Hayward  and  Kittredge  be 
a  Committee  to  confer  with  those  roads,  and  report  what  can  be 
effected  on  the  subject. 

May  26,  1853 — Present,  the  President,  (Mr,  ShaAV,)  Hayward, 
Flint,  Batchelder,  and  Kittredge. 

The  Committee  appointed  May  6,  1853,  on  the  subject  of  ar- 
rangements with  Danvers  Railroad,  reported  in  favor  of  a  rough  draft 
of  a  lease  of  that  Railroad  ;  and  thereupon 


52 

Voted,  That  the  President  be  authorized  to  take,  execute,  and 
deliver  such  a  lease  from  the  Danvers  Railroad  Company  to  the 
Boston  and  Maine  Railroad,  of  the  Danvers  Railroad,  as  he  shall 
see  fit. 

June  14,  1853. — Present,  the  President  (Mr.  Shaw)  and  Messrs. 
Hayward,  Flint,  Batchelder,  and  Kittredge. 

The  President  reported  that  he  had  executed  a  lease  of  the  Dan- 
vers Railroad,  under  date  of  May  30,  1853,  and  produced  it ;  where- 
upon it  was 

Voted,  That  it  be  ratified  and  approved. 

January  5,  1854. — Present,  the  President  (Mr.  Hayward)  and 
Messrs.  Shaw,  Kuhn,  Walker,  Batchelder,  Aiken,  and  Kittredge. 

Voted,  That  the  subject  of  a  loan  to  the  Danvers  and  Georgetown 
Railroad  be  referred  to  the  President  and  Messrs.  Batchelder,  Kuhn, 
and  Kittredge. 

April  29,  1854. — Present,  the  President  (Mr.  Hayward)  and 
Messrs.  Kuhn,  Batchelder,  and  Aiken. 

Voted,  That  the  President  be  authorized  to  loan  the  Danvers  and 
Georgetown  Railroad  money  to  pay  for  their  iron,  on  such  security 
as  he  shall  see  fit. 

August  8,  1854. — Present,  the  President  (Mr.  Hayw^ard)  and 
Messrs.  Kuhn,  Batchelder,  Kitti'edge,  Aiken,  Walker,  and  Shaw\ 

On  request  of  Dr.  Walker,  it  was 

Voted,  That  he  be  allowed  to  enter  his  dissent  on  the  record,  to  the 
vote  of  April  29, 1854,  respecting  a  loan  to  the  Danvers  and  George- 
town Railroad. 

November  14,  1854. — Present,  the  President  (Mr.  Hayward)  and 
Messrs.  Kuhn,  Shaw,  Kittredge,  Topliff,  Duncan,  and  Batchelder. 

Voted,  That  the  subject  of  assisting  the  Danvers  Railroad  be 
referred  to  the  President  and  Messrs.  Kittredge  and  Duncan. 

November  18,  1854. — Present,  the  President  (Mr.  Hayward)  and 
Messrs.  Kuhn,  Batchelder,  Shaw,  Kittredge,  and  Duncan. 

Mr.  Duncan  sul)raitted  a  report  from  the  Committee  on  the  Dan- 
vers Railroad,  which  was  accepted. 

Voted,  That  the  Committee  appointed  at  the  last  meeting  on  the 
subject  of  aid  to  the  Danvers  Railroad,  have  authority  to  give  them 
aid  to  the  amount  of  tliirty  thousand  dollars,  in  sucli  form  an<l  on 
such  security  as  they  shall  think  proper. 


53 

December  12,  1854. — Present,  the  President  (Mr.  lluywiird)  and 
Messrs.  Batchelder,  Duncan,  Shaw,  and  ToplifF. 

Voted,  That  the  subject  ot"  furtlier  aid  to  the  Danvers  Raih'oad  be 
referred  to  the  Committee  appointed  upon  that  subject  on  the  14th  of 
November,  viz.  Messrs.  Hayward,  Kittredge,  and  Duncan,  with  au- 
thority to  make  such  further  advances  to  that  Road  as  they  may 
think  proper. 

February  13,  1855. — Present,  the  President  (Mr.  Hayward) 
and  Messrs.  Kuhn,  Shaw,  Duncan,  Topliff,  and  Batchelder. 

Resolved,  That  this  Road  will  aid  the  Danvers  Railroad  to  the 
extent  of  the  security  of  the  lease,  by  a  guarantee  of  their  bonds, 
after  they  have  paid  their  land  damages,  and  complied  with  the  terms 
of  the  lease  as  to  finishing  the  Road,  such  agreements  being  made 
as  shall  make  the  transaction  safe  to  (and  not  extending  the  liability 
of)  this  Road,  and  provided  that,  from  the  proceeds  of  the  said  bonds, 
the  Danvers  Railroad  refund  the  amounts  heretofore  advanced  to  it. 

February  27,  1855. — Present,  the  President  (Mr.  Hayward) 
and  Messrs.  Kuhn,  Batchelder,  Shaw,  and  Duncan. 

Voted,  That  the  President  and  Messrs.  Batchelder  and  Duncan 
be  a  Committee  to  report  the  form  and  extent  to  or  in  which  this 
Road  will  guarantee  the  bonds  of  the  Danvers  Railroad,  according 
to  the  vote  of  the  last  meeting. 

March  9,  1855. — Present,  the  President  (Mr.  Hayward)  and 
Messi's.  Shaw,  Kuhn,  Batchelder,  and  ToplifF. 

The  Committee  appointed  February  27,  1855,  on  the  subject  of 
aid  to  the  Danvers  Railroad  made  a  report  in  writing ;  and  there- 
upon it  was 

Toted,  That  this  Road  will  guarantee  the  bonds  of  the  Danvers 
Railroad  to  the  extent  of  one  hundred  and  twenty-five  thousand 
dollars,  retaining  not  exceeding  five  thousand  dollars  thereof  as  a 
sinking  fund,  and  also  retaining  such  other  amount  as  shall  secui-e  the 
repayment  of  the  amounts  now  advanced,  and  the  fulfilment  of  all  the 
stipulations  of  said  Road,  and  the  payment  of  the  land  damages,  and 
complying  with  the  conditions  of  the  report  this  day  made  by  the 
Committee  on  that  subject ;  and  said  Committee  shall  have  power  to 
settle  said  amounts  of  said  bonds  to  be  retained,  and  the  form  of  all 
agreements  to  be  made  by  the  parties. 

March  20,  1855. — Present,  the  President  (Mr.  Hayward)  and 
Messrs.  Kuhn,  Shaw,  Kittredge,  Duncan,  Batchelder,  and  Toplifi; 


54 

Voted,  That  the  report  made  at  the  last  meeting  by  the  Committee 
on  the  subject  of  aid  to  the  Danvers  Raih'oad  be  accepted,  and  that 
the  amount  to  be  retained  as  a  sinking  fund  be  five  thousand  dollars. 

September  7,  1855. — Present,  the  President  (Mr.  Hay  ward) 
and  Messrs.  Kuhn,  Topliff,  Ivittredge,  and  Duncan. 

Voted,  That  the  Committee  on  the  Danvers  Railroad  be  authorized 
to  take  their  guaranteed  obligations  in  payment,  at  such  rates  as  they 
shall  choose. 

September  19,  1855. — Present,  the  whole  Board. 

Voted,  That  Messrs.  Kuhn,  Duncan,  and  the  Clerk,  be  a  Com- 
mittee on  the  subject  of  the  debt  of  the  Newburyport  Railroad  to 
this  Road,  with  power. 

Voted,  That  the  President  be  authorized  to  execute  and  deliver  an 
instrument  agreeing  not  to  sue  Dr.  Cogswell,  as  surety  of  the  New- 
buryport  Railroad,  in  consideration  of  the  ten  thousand  dollars  paid 
by  him. 


SCHEDULE  No.  7. 

Items  of  Interest  carried  into  Available  Assets  by  Directors'  Report. 

Interest  on  Great  Falls   and  Conw.  R.  R.  Notes, 

to  June  1, 1856,  $8,262.63 
«        "   Cocheco  R.  R.  Note,  "     «      "     "  195.47 

"        "  Notes  signed  by 

James  W.  Emery  and  others,  " 
"        "    Newburyport  R.  R.  Notes, 
"        "    E.  Lamb  &  Bro.'s  Note, 
"        "    George  &  Co.'s  Notes, 


a 

(( 

li 

a 

211.14 

a 

u 

a 

li 

3,111.45 

(( 

11 

a 

u 

27.62 

u 

(i 

ii 

u 

7.50 

$6,815.81 
Interest  on  Danvers  R.  R.  Land  Account,  "     "      "      "  297.50 


$7,113.31 


Deduct  Interest  due  on  State  Loan,  from  April  1,  1856, 

to  June  1,  1856,  ($50,000  at  5  per  cent.)     -         -  416.67 

$6,696.64 

(The  Interest  on  the  $100,000  State  Loan  was  due  and  paid,  and 
charged  to  Interest  Account,  June  1.) 


55 


SCHEDULE  No.  8. 

Assets  of  Boston  S)-  Maine  Railroad  availahle  for  payment  of  debts 
of  the   Corporation,  May  31,  1856. 

Cash, $23,997.91 

Notes  Receivable  as  follows  : 

Viz  :  2  Notes,  Jas.  W.  Emery  and  others,     $10,105.33 
"      1      "     of  Edward  Lamb  and  Bro.  681.85 

"      4      "     of  George  &  Co.,  -         -         -         500.00 

$11,287.18 


500  Shares  B.  &  M.  R  R.,  $78.00  per  share,         -         -  39,000.00 

Line  via  Lowell  due  on  Quintuple  contract,      -         -  6,165.77 

Auditor,  Post  Office,  and  Rent  Bills,    -         -        -         -  1,959.70 

Manch'r  &  Lawrence  R.R.,  for  use  Methuen  Branch,  &c.,  11,704.72 

Portsmouth  &  Concord  Railroad  balance  of  monthly  acct.,  334.49 

Salem  &  Lowell                  «              «                 "           "  796.30 

Lowell  &  Lawrence,  6  months'  use  of  Track,         -         -  1,231.31 

Balance  of  sundry  monthly  bills  unsettled,         -         -  142.95 

Freight  bills  against  Manufacturing  Co.'s,  payable  monthly,  8,169.85 
Do.      do.  for  freight  not  delivered,  and  for 
freight  payable  monthly,  and  balances  due 
on  ticket  accounts,  -         -         -         -         $21,632.15 
Less  for  amount  considered  by  Treasurer  not 

collectable, 2,000.00 

$19,632.15 


$124,422.33 
In  addition  to  the  above  the  Corporation  hold 
the  Bonds  of  the  Danvers  Railroad,  which  they 
purchased  at  par,  for         -         -         -         -       $58,500.00 

Also   hold  as  collateral,    Danvers    Railroad 
Bonds  at  85  per  cent.,  to  secure     -         -         -      9,545.07 

$68,045.07 

This  sum,  although  not  available  to  meet  present 
liabilities,  is  available  as  a  set-off  against  the  liability 
of  the  Corporation's  endorsement  of  the  Danvers  Rail- 
road Bonds. 


Total  amount, $192,467.40 


The  Coi'poration  has  the  right  to  issue  230  shares  of  Stock,  when 
the  same  can  be  sold  at  par. 


56 


SCHEDULE  Xo.  9. 


Claims,  ^c,  classed  in  Directors'  Report  among  Assets  available  to 
pay  Debts,  but  which  are  either  entirely  worthless,  or  disputed,  or 
for  other  reasons  of  doubtful  value. 

Notes  Receivable  as  follows  : 

7  notes  Great  Falls  &  Conway  R.  R.  -  $16,155.94 
1  "  Newbuiyport  R.  R.  -  -  10,392.85 
1     «  "  "     fourth  mortgage,  5,456.50 

1     "  "  «    -         -         -         44,696.20 

1     "     Cocheco  «        .         -         -       4,477.40 

$81,178.89 

1,100.00 
15,210.00 
3,783.90 
6,696.64 
6,223.45 
8,991.58 
2,642.98 


White  Mountain  R.  R.  Bonds,       -         .         -         - 
Newburyport  "  "_..__ 

Accounts  in  Solicitor's  hands  for  collection. 
Interest  due  on  notes  and  accounts,     -         -         -         - 
Concord  R.  R.,  demand  for  cost  of  accident  in  suit,  - 
Lawrence  &  Bishop,  demand  on  Medford  Branch,  acc't 
Rhodes,  Oliver  &  Rugg,  defaulting  station  agents    - 
Great  Falls   &  Conway  R.  R.,  demand  for  changing 

location,    -------- 

Manchester  &  Lawrence  R.  R.,  for  balance  of  monthly 

account,         _--_--_ 
Cocheco  R.  R.  "  " 

Great  Falls  &  Conway  R.  R.  *'  « 

Newburyport  R.  R.  "  " 

Northern  R.  R.  "  " 


5,995.38 

3,806.52 
4,325.96 
3,069.15 
6,753.04 
327.15 

$150,104.64 


SCHEDULE  No.  10. 


Assets  unavailable  to  pay  Debts,  the  same  being  necessary  in  the  run- 
ning of  the  Road. 


Steamer  Daniel  Webster, 

Wood, - 

Oil, 

Waste,  -        -        - 


Amount  carried  forward, 


-     $  7,500.00 

72,297.25 

240.00 

60.00 

$80,097.25 


57 


Amount  brought  forward^ 
Stock  in  Car  Shop  at  Lawrence, 

"        Engine     "     IJoston, 
Iron  Rails,         _         _         _         . 

Ties, 

Lanterns,  brushes,  &;c.  &c. 


$80,097.2o 

13,895.47 

11,040.34 

571.00 

5,600.00 

100.00 

$111,904.06 


SCHEDULE   No.  n. 

Liabilities  of  Boston  ^  Maine  Railroad,  May  31«<,  1856,  including 
Dividend  payable  July  \st,  1856. 

Unpaid  Dividends,  No.  1  to  No.  35,       -         -         -         -  $4,428.50 

Interest  unpaid  on  Stock  Assessments,  &;c.,         -         -  28.10 
Dividend  No.  36,  payable  July  1st,  1856,       -         -         -  123,171.00 

Unpaid  Lawyers'  and  other  bills,  estimated  in  part,     -  10,000.00 

Tax  Bills,  estimated,    -------  5,337.33 

Salaries  and  Wages,          -__---  964.15 

Danvers  Railroad  Rent  account,  (unpaid  coupons),          -  1,987.50 

Eastern  Railroad  balance  division  account,  &c.,  -         -  10,492.75 

Boston,  Concord  &  Montreal  Railroad,  monthly  account,  3,497.28 

Concord                                           "                "                "  83.48 

Coutoocook  Valley                        "               "               "  495.94 

Conn.  &  Passumpsic  River          "               "               "  370.74 

Portland  Saco  &  Portsmouth      "               "               "  5,907.02 

New  Hampshire  Central              "               "               "  230.73 

Vermont  Central                            "               "               "  9,885.21 

Concord  &  Claremont                    "                "                "  858.31 
Appropriation  to  widen  the  bridge  between  the  draw  and 
the  island  in  Boston,  as   per  vote  of  Directors,  April 

26th,  1856,  for  which  contracts  have  been  made,  21,000.00 


$198,738.04 


State  Loan  due  August,  1857, 
Do.  do.     do.       do.      1859, 

Eben  Smith  for  land, 
Bartlett  and  Minot,     - 

Amount  carried  forivard, 


$100,000.00 
50,000.00 

4 

$40,000.00 
20,000.00 


-$150,000.00 


■  $60,000.00 
$408,738.04 


m20;?80G 


THE  UNIVERSITY  OF  CALIFORNIA  UBRARY 


